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USDJPY Bullish Trade Setup Still Valid

USDJPY Bullish Trade Setup Still Valid

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usdjpy_body_usdjpy.png, USDJPY Bullish Trade Setup Still Valid

Prepared by Jamie Saettele, CMT

After taking out the September high last night, the USDJPY reversed and spent all of European and US trading declining. The drop has retraced almost 50% of the advance from 7712 already. Still, the pattern described in recent days remains the same. That is, the drop last week after the Fed composes a terminal thrust from a triangle. The implications are for a return to the top of the triangle at 8060. I am bullish.

LEVELS: 7774 7796 7816 7884 7921 7965

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