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USD/JPY Flirting with Breakout

USD/JPY Flirting with Breakout

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Flirting with Breakout

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 last Thursday.

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

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.” Price has closed above 99 but a proper setup is required. What constitutes a proper setup? A break of support/resistance and re-test of that level from the opposite of the market tend to offer the best reward/risk entries.

LEVELS: 98.07 98.56 98.92 | 99.40 99.66 99.88

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

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