News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Gap at 105.30 and Possible Trendline Near 107 are of Interest

USD/JPY Gap at 105.30 and Possible Trendline Near 107 are of Interest

Jamie Saettele, CMT, Sr. Technical Strategist

Monthly

eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY Gap at 105.30 and Possible Trendline Near 107 are of Interest

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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.

DISCLOSURES