USD/JPY Gap at 105.30 and Possible Trendline Near 107 are of Interest
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-USDJPY has made good upon the ‘trend extension’ setup described last week and traded to a new high.
-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. The trendline that extends off of the 1998 and 2007 highs is at about 106.80.
Trading Strategy: Long, stop 102.60 (entry was 102.95), target 105.10.
LEVELS: 103.28 103.50 103.90 | 104.50 105.30 106.13
--- 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.