USD/JPY Churning Ahead of October High

DailyFX

Daily

View photo

.
eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Churning Ahead of October High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDJPY has recovered off of last week’s lows and is nearing the October high (99).

-An impulsive rally from the 10/8 low, corrective decline from the 10/17 high and impulsive advance from the 10/25 low suggests that 99 will be exceeded but perhaps not until a deeper pullback from 99.67. Watch for support at 98.20 on Tuesday.

Trading Strategy: This market is coiled for a big move to end the year. Triangles are usually continuation patterns but it’s possible that the eventual break ‘surprises’ to the downside. We’ll trade it either way when it’s ready.

LEVELS: 97.39 97.80 98.28 | 98.99 99.66 99.99

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)