Member access

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

Sponsored by
SummaryQuotesChart AnalysisNewsAnalysis 

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
Recommend :
React to this article
Latest news on US DOLLAR / JAPANESE YEN (
1m ago USD/JPY Probing Above 104 As Bullish Engulfing Formation Emerges
14m agoDJCURRENCIES : Dollar Rises Slightly Against Yen, Euro With Investors On Pause
1h agoDJDollar Tad Higher Against Yen, Euro As Investors Await Events
1d ago USD/JPY TECHNICAL ANALYSIS : August High in the Crosshairs
3d ago WEEKLY TRADING FORECAST : NFPs, An ECB Rate Decision and Return of Liquidity
3d ago Japanese Yen Looks Ripe for a Reversal on Huge Week Ahead
3d agoDJCURRENCIES : Dollar Ends Month Higher Against Euro, Yen
3d agoDJCURRENCIES : Inflation Data Push Dollar Higher Against Euro
3d ago THE WEEKLY VOLUME REPORT : Near-Term Volume Profile Supportive of USD/JPY
3d ago AUD/USD Holds August Opening Range Ahead of RBA, 2Q GDP
Dynamic quotes