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USD/JPY 101.60 is Key to Near Term Pattern Interpretation

USD/JPY 101.60 is Key to Near Term Pattern Interpretation

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY 101.60 is Key to Near Term Pattern Interpretation

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-One of my favorite ‘trend extension’ setups is the construction of a 3 point triangle (contracting boundaries but with just 3 legs). Such a pattern may be nearing completion now. 101.80/90 is estimated support.

-A bullish objective of 105.12 is derived by calculating the measured move from the 103.37-101.61 dip. A close from Oct 2008 remains uncovered at 105.30.

Trading Strategy: Order to go long at 101.85, stop 101.55, target 105.30.

LEVELS: 101.60 101.80/90 102.40 | 103.28 103.73 105.12

--- 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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