Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Forex  >  US Dollar / Japanese Yen (USD/JPY)    USDJPY   

Sponsored by
Real-time Quote. Real-time  - 07/03 05:00:34 pm
122.851 JPY   -0.17%
07/03 AUDUSD Breakdown Yields .7143 and .6902 Targets
07/03 USD/JPY TECHNIC : Resistance Above 123.00 Holds
07/03DJDollar Almost Flat Ahead of Greek Referendum
SummaryQuotesChartsNewsAnalysis 
News SummaryAll news 

USD/JPY Reaches 50% Retracment of Decline from 2007 High

04/11/2013 | 05:40pm US/Eastern

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Reaches 50% Retracment of Decline from 2007 High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Focused on USDJPY in Friday’s weekly and there it little else to add. “One setup that was described on Friday was to wait for a break through upward sloping resistance followed by a test of the topside of the line. Support is seen from the topside of that line down to the uncovered close at 97.50 (Friday’s close).” A sharp drop for at least 1 day may be near as price traded into the 50% retracement of the decline from the 2007 high on a small range and ended the day little changed (call it a doji or whatever…the point is that momentum slowed at an important reference point).

FOREXTrading Strategy: Not against trading from the short side if the right scenario develops…would need to see a drop below 98.50 to turn the minor bias down followed by at least 1 session (Asia, Europe, or US) of consolidation.

LEVELS: 96.70 97.50 98.50 99.84 101.44 103.50


© FXCM 2013
React to this article
Latest news on US DOLLAR / JAPANESE YEN (
07/03 AUDUSD Breakdown Yields .7143 and .6902 Targets
07/03 USD/JPY TECHNICAL ANALYSIS : Resistance Above 123.00 Holds
07/03DJDollar Almost Flat Ahead of Greek Referendum
07/02 Dollar Regains Control as Retail FX Traders Switch Direction
07/02 British Pound Forecast Depends on how it Finishes the Week
07/02 US Dollar Clings to Key Support versus Japanese Yen
07/02 USD/JPY Hits Short Term Trendline Resistance
07/02 Do the Hours I Trade Matter? Yes - Quite a Bit.
07/02 PRICE & TIME : GBP/USD Turning?
07/02 Trade Setups in USD-pairs Around June US NFPs