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USD/JPY at Bottom of Range; Lots of Talk about 95

USD/JPY at Bottom of Range; Lots of Talk about 95

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY at Bottom of Range; Lots of Talk about 95

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDJPY is knocking on the door of 95.00. If 95.00 gives way, then things could get ugly with price cascading into 94.45/75 (February highs) or even 93.67 (a pivot on 3 occasions earlier this year). I’m operating with a range mindset. In other words, I’m looking for a low (we’re at the bottom of the range!) That doesn’t mean buy and pray. It does mean look for lows on spikes or market openings (Tokyo, Europe, US).

FOREXTrading Strategy: Range trading (see above explanation).

LEVELS: 93.68 94.36 94.75 96.63 96.97 97.51

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