Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
–USDJPY has made good upon the ‘trend extension’ setup described last week and traded to a new high.
-A bullish objective of 105.12 is derived by calculating the measured move from the 103.37-101.61 dip. A close from Oct 2008 remains uncovered at 105.30. The trendline that extends off of the 1998 and 2007 highs is at about 106.80.
Trading Strategy: Long, stop 102.60, target 105.10. The 12/20 report looks at the longer term picture.
LEVELS: 103.28 103.50 103.84 | 104.50 105.30 106.13
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com