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USD/JPY at Channel Resistance; Break above Targets 98.75

USD/JPY at Channel Resistance; Break above Targets 98.75

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY at Channel Resistance; Break above Targets 98.75

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “The USDJPY has declined for 4 consecutive weeks. In fact, 4 week rate of change (see weekly report for chart) can be considered extreme at these levels. In the last 10 years, 4 week rate of change has only been lower just once; the week that ended 10/24/2008. Slightly less extreme RoC figures were registered in May 2006 and March 2008.” Price has returned to the 6/6 close (large range and volume day), which is defended by channel resistance. This level might be difficult to break through. If it does, then the breakdown level at 98.75 is in focus.

FOREXTrading Strategy: Bias is still long, with the stop moved up from 93.75 to 94.80 and a 98.75 target. I trailed the stop to 95.25 last night so I’m currently flat. A drop into 95.80 would present an opportunity to buy the dip.

LEVELS: 94.80 95.17 95.80 5 96.97 97.51 98.75

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