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USD/JPY Cuts Through July High; 11/21 Low is Important

USD/JPY Cuts Through July High; 11/21 Low is Important

2013-11-25 22:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Cuts Through July High; 11/21 Low is Important

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 and re-tested the line as support on 11/19.

-The push through the Jul high of 101.52 shifts focus towards the 5/29 high of 102.52, and 5/22 close of 103.15.

-The latest consolidation zone of 100.95-101.35 is estimated support now.

Trading Strategy: I am long (trigger was 99.85). Stop is tightened to 99.95. 100.95-101.35 may provide support to add to longs now.

LEVELS: 100.95 101.35 101.62 | 101.90 102.52 103.15

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

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