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USD/JPY Inside Day as Market Consolidates; Watch 101.00

USD/JPY Inside Day as Market Consolidates; Watch 101.00

2013-11-26 20:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Inside Day as Market Consolidates; Watch 101.00

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. Price is trading within this zone 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. It’s also possible that the breakout fails and fails and that Yen crosses fall apart. You may be able to take advantage through AUDJPY.

LEVELS: 100.43 100.60 100.95 | 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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