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USD/JPY Short term Trendline and Channel May Offer Entry

USD/JPY Short term Trendline and Channel May Offer Entry

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Short term Trendline and Channel May Offer Entry

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: The USDJPY range has been tightening for 3 weeks now. The confluence of a short term trendline, near term upward sloping parallel channel and 100.60 may provide a difficult area for price to break through. Notice too that the 100.50-101.00 was roughly the breakdown point in May (circled). There was a lot of ‘back and forth’ there before the eventual break.

FOREXTrading Strategy: Reward/risk is favorable on a sale into 100.60 but would prefer to do it through GBPJPY, which has traded into big resistance from highs in June and April.

LEVELS: 98.23 98.94 99.43 100.59 100.97 101.52

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

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