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USD/JPY Failure to Hold Early Dec Low Would Shift Towards 100.60

USD/JPY Failure to Hold Early Dec Low Would Shift Towards 100.60

2013-12-17 21:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Failure to Hold Early Dec Low Would Shift Towards 100.60

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: 101.91 102.14 102.40 | 103.20 103.75 105.12

--- 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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