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USDJPY Outisde Day Breakout Opportunity

USDJPY Outisde Day Breakout Opportunity

2012-10-01 21:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_usdjpy_body_usdjpy.png, USDJPY Outisde Day Breakout Opportunity

Prepared by Jamie Saettele, CMT

I wrote Friday that “today’s range doesn’t even qualify as a large range (JS Thrust) day. I see no objective point of reference from which to structure a trade at the moment.” A deeper look at price action reveals that Friday’s low was several pips from the close of the 9/13 low (Fed day). The reaction at that level is telling. What’s more, the trade above Friday’s outside day does trigger an outside day breakout. I’m not high on USDJPY longs yet given that strength was capped by the 38.2% of the decline from 7921 and that bonds have held support. I’ll keep an eye on developments closely for any changes.

LEVELS: 7712 7743 7760 7832 7861 7916

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