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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USD/JPY Tests Top Side of Trendline as Support and Holds

USD/JPY Tests Top Side of Trendline as Support and Holds

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Tests Top Side of Trendline as Support and Holds

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDJPY has broken above the trendline that extends off of the Jul and Sep highs. Price is nearing its Sep high of 100.60 and has not closed below the Oct high since 11/7.

-Even a break above the Sep high still faces headwinds at 100.97 (7/8 close) and 101.52 (Jul high). Of note is the fact that the Nikkei (USD) has already broken above its Jul high. Is USDJPY just lagging or is the Nikkei wrong? There is no way to know in advance. Just know that the USDJPY hasn’t confirmed the Nikkei’s strength just yet.

Trading Strategy: I am long (trigger was 99.85). Stop is 98.90 but move the stop to 99.55 if price closes above 100.42 on a daily basis. A breakout could be phenomenal so allow the market to dictate upside.

LEVELS: 98.91 99.23 99.78 | 100.43 100.60 100.97

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