Forex Trading: USD/JPY at Resistance

RELATED QUOTES

SymbolPriceChange
USDJPY=X102.1950-0.34

2013 begins with the USDJPY testing resistance from late 2008 / early 2009 lows (weekly chart) and sharp channel resistance (see daily chart). The rally since the beginning of December can be best described as parabolic, especially since 12/26. In Elliott parlance, a parabolic move is usually a 3rd or C wave. If the current rally composes a 3rd wave, then we’ve probably reached or are very close to reaching ‘fever pitch’ and giving way to a corrective decline. Weakness below 8650 would be the trigger for me to begin a short position towards at least 8565.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2585+0.0031+0.25%
    USDSGD=X
    1.7393+0.0046+0.26%
    EURSGD=X
    2.1140+0.0074+0.35%
    GBPSGD=X
    81.2046-0.4693-0.57%
    SGDJPY=X
    6.1607-0.0149-0.24%
    SGDHKD=X
    2.5974-0.0037-0.14%
    SGDMYR=X
    9,252.7119-46.9727-0.51%
    SGDIDR=X
    4.9652-0.0035-0.07%
    SGDCNY=X
    1.1657-0.0003-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,288.10+3.50+0.27%
    GCM14.CMX
    19.59+0.15+0.78%
    SIK14.CMX
    92.29-0.59-0.63%
    ^XAU
    3.12+0.06+1.86%
    HGK14.CMX
    101.97+0.53+0.52%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.75+0.03
    ^FVX
    2.70+0.01
    ^TNX
    3.48+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI