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USD/JPY Steep Trendline and January Low Rest at 101.70

USD/JPY Steep Trendline and January Low Rest at 101.70

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY Steep Trendline and January Low Rest at 101.70

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-To review, “the decline from 105.43 is in 3 waves. The diehard Elliott trader will tell you that this is bullish. It could be but in the real world I have seen plenty of supposed 3 wave completed corrections become the first leg of larger complex corrections, triangles, flat, etc.” That has happened here.

-Bigger picture traders should be looking to participate in the long term bull move but there’s no indication that the selling is complete. The September high at 100.60 is of interest as a level that could produce a low. Trendline support is not until about 99.30 this week.

LEVELS: 99.79 100.60 101.02 | 101.73 102.36 102.85

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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