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USD/JPY 102.14 is Near Term Trend Defining Level

USD/JPY 102.14 is Near Term Trend Defining Level

2013-12-16 20:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY 102.14 is Near Term Trend Defining Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY traded to a new high for the year on Friday but reversed sharply. The high is not accompanied by a high in the Nikkei, which does the raise the possibility of a deeper drop. 3 daily reversal bars since 12/3 (2 are outside days) is also cause for concern.

-Still, the ‘trend extension’ setups described last week is valid as long as price is above 102.14. Weakness below there would open up the possibility of a deeper drop. 100.60-101.13 would be on the radar as possible 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: Long, stop 102.10, target 105.10. Be aware that FOMC is on Wednesday.

LEVELS: 102.14 102.40 102.73 | 103.43 103.75 105.12

--- 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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