USD/JPY 101.60 is Key to Near Term Pattern Interpretation
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.