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USD/JPY Trendline in Play as Support

USD/JPY Trendline in Play as Support

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Trendline in Play as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDJPY may have made an important top 2 weeks ago (weekly outside reversal), but one incurs a lot of risk being bearish the USDJPY right here. The trendline that connects the November and April lows is just under Monday’s low. The decline channels in a corrective manner so it’s possible that a low is already in place.

FOREXTrading Strategy: Got long this morning…stop is under Monday’s low. Targeting 101.30. If price does take out the Monday low, then watch for support at 98.10.

LEVELS: 97.38 98.12 98.57 99.52 100.46 101.30

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.