USD/JPY at Elliott Channel Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Range conditions are no more as momentum suggests that a new bull leg is underway. 104.78 was the final level that could have inspired a reaction (pullback) before the highs. Focus is now on expansion targets at 108.33 and 110.12.”
-“110.12/65 (latter level is the October 2008 high) remains possible. The short term pattern is clear and weakness below 108.47 would indicate that a deeper decline is most likely underway towards 106.80-107.40.” The high (so far) came in at 110.08 and USDJPY has already retraced last week’s advance but respect upside potential as long as price holds the Elliott channel (there now)
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