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USD/JPY Surrounds 6 days of Trading after 9/20 Close is Filled

USD/JPY Surrounds 6 days of Trading after 9/20 Close is Filled

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Surrounds 6 days of Trading after 9/20 Close is Filled

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDJPY traded above 99 (Oct high) and into the previously uncovered 9/20 close and trendline that extends off of the May and July highs before getting slammed back into the range.

-Kristian Kerr and I spoke at length about JPY and AUD during a ‘Google Hangout’ today. Important levels on a daily closing basis are 99 and 96.50 (October range).

Trading Strategy: “This market is coiled for a big move to end the year. Triangles are usually continuation patterns but it’s possible that the eventual break ‘surprises’ to the downside. We’ll trade it either way when it’s ready.” Apparently, the market is not ready. Remember, 96.50 and 99 on a daily closing basis need to be seen before we can participate.

LEVELS: 96.86 97.39 97.80 | 98.40 99.00 99.40

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

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