News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Wedged Between Trendlines; Careful on Chasing Moves Here

USD/JPY Wedged Between Trendlines; Careful on Chasing Moves Here

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Wedged Between Trendlines; Careful on Chasing Moves Here

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 broken a steep trendline and is just below the line that connects the tops since THE top. The 20 day midpoint was reached today at 98.18, although the 50% retracement and breakdown level at 98.75/85 is still of interest. Look for support at the FOMC close hour of 96.41.

FOREXTrading Strategy: Would buy on weakness for test of 98.28 or a run at 98.75/85. Expecting support at .9640 area but not dismissing levels getting overshot in this market…so keep the breakout level of 95.80 in mind as support too. A 50% retracement of the move up is 96.03. Stops should be under 94.80

LEVELS: 95.80 96.41 97.02 5 97.85 98.28 98.75/85

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

DISCLOSURES