FOREX Trading: USD/JPY Testing Late 2008 and Early 2009 Levels

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

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.

Other pairs on the watch list include

The EURUSD, which may be tracing out a triangle from the 12/19 high. The implications are for a terminal thrust above 13308 before a return to at least 13160.

The AUDUSD and NZDUSD, which have already retraced more than 61.8% of their December declines. Price is below the highs but Twitter comments would make it seem as though these pairs are at record highs. I’m on the lookout for secondary tops.

The EURAUD and EURNZD dips are approaching moving average (20 day) support at 12540 and 12770. I’m on the lookout for lows and continuation of the larger bull move that began last summer.

USDJPY - Weekly

USDJPY_Testing_Late_2008_and_Early_2009_Levels_body_usdjpy.png, FOREX Trading: USD/JPY Testing Late 2008 and Early 2009 Levels

Prepared by Jamie Saettele, CMT

USDJPY – Daily

USDJPY_Testing_Late_2008_and_Early_2009_Levels_body_usdjpy_1.png, FOREX Trading: USD/JPY Testing Late 2008 and Early 2009 Levels

Prepared by Jamie Saettele, CMT

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

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.

Jamie is the author of Sentiment in the Forex Market.

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.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2519-0.0013-0.10%
    USDSGD=X
    1.7325+0.0014+0.08%
    EURSGD=X
    2.1020+0.006+0.29%
    GBPSGD=X
    81.7111+0.4147+0.51%
    SGDJPY=X
    6.1941+0.0068+0.11%
    SGDHKD=X
    2.5898+0.0011+0.04%
    SGDMYR=X
    9,135.2803+10.2705+0.11%
    SGDIDR=X
    4.9701+0.0054+0.11%
    SGDCNY=X
    1.1713-0.0018-0.15%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,302.90+2.60+0.20%
    GCM14.CMX
    19.59+0.10+0.52%
    SIK14.CMX
    91.87-1.95-2.08%
    ^XAU
    3.00+0.01+0.32%
    HGK14.CMX
    104.76+1.01+0.97%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.62+0.02
    ^FVX
    2.63-0.01
    ^TNX
    3.46-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.117-0.006-4.88%
    B22.SI
    1.275+0.020+1.59%
    N21.SI
    2.190.0000.00%
    JS8.SI
    0.605+0.015+2.54%
    E5H.SI
    0.97+0.060+6.59%
    B20.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.445+0.055+14.10%
    5UL.SI
    0.20+0.020+11.11%
    567.SI
    0.174+0.013+8.07%
    540.SI
    0.67+0.050+8.06%
    5VT.SI
    0.425+0.030+7.59%
    5FD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.096-0.011-10.28%
    S13.SI
    0.315-0.025-7.35%
    O08.SI
    0.139-0.010-6.71%
    5GB.SI
    0.30-0.020-6.25%
    502.SI
    0.132-0.008-5.71%
    5BM.SI