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USD/JPY Trades Down Over 3 Big Figures into Mid April Low

USD/JPY Trades Down Over 3 Big Figures into Mid April Low

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Trades Down Over 3 Big Figures into Mid April Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: After price took out the trendline that extends off of the November 2012 and April 2013 lows, the USDJPY fell quickly to 96 before finishing the day off of the lows. While the diagonal from 90.84 may be fully retraced, there will advances along the way. Thursday’s low is a good place for an interim low…the level marks the 4/15 low and 4/4 large volume (CME) close. 98.60/85 is now resistance

FOREXTrading Strategy: Was stopped out at 98.80…and good thing. The washout today is just that…a washout and these are often interim lows (at least).

LEVELS: 94.45 94.90 95.89 97.84 98.60 99.46

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