FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

DailyFX

Afternoon Technicals (all USD crosses, crude, gold)

Other TA (crosses, COT, etc.)

Shorts were taken last yesterday in the USDJPY at 8220. Risk can already be tightened from 8290 to 8255 and focus is on the top of former congestion at 8158, which is also where the decline from 8283 would consist of 2 equal waves. The bottom of congestion at 8088 is the 161.8% extension. The 11/15 JS Thrust close at 8116 is a level that is expected to produce a reaction if reached.

We’ve been fortunate to have stayed away from the EURUSD as price continues to crawl higher. Price is nearing the top of its 3 month range (13172) but faces potential resistance from the 9/17 reversal day close at 13115 as well. I’m in wait and see mode for now.

Keep an eye on the GBPJPY, which is struggling at channel resistance and the reversal day close from the high of the year in March.

USDJPY – Daily

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FOREX_Trading_USDJPY_8158_and_8088_are_Levels_of_Interest_body_usdjpy.png, FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

Prepared by Jamie Saettele, CMT

EURUSD – Daily

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FOREX_Trading_USDJPY_8158_and_8088_are_Levels_of_Interest_body_eurusd.png, FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

Prepared by Jamie Saettele, CMT

GBPJPY – Daily

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FOREX_Trading_USDJPY_8158_and_8088_are_Levels_of_Interest_body_gbpjpy.png, FOREX Trading: USD/JPY 8158 and 8088 are Levels of Interest

Prepared by Jamie Saettele, CMT

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