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USD/JPY Rallies Remain Fleeting

USD/JPY Rallies Remain Fleeting

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Rallies Remain Fleeting

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-While the rally from 10/8 is promising, the 10/17 outside day reversal warrants caution as does the fact that the rally from 97.55 reversed at the 61.8% retracement of the decline from 99.

-USDJPY trade since the 10/17 low may form a flat, in which case the market is vulnerable to a drop below 97.50. 97.20 and 96.85 are estimated supports. 98.44 and 98.58 are estimated resistance.

Trading Strategy: Traded USDJPY intraday after NFP. This market is in a tight range at the moment. Many assume that the eventual breakout will be higher. It might, but it’s possible that the eventual break ‘surprises’ to the downside. We’ll trade it either way when it’s ready.

LEVELS: 96.85 97.24 97.77 | 98.48 98.77 99.00

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

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