FOREX Trading: Yen Crosses Near Resistance That May Inspire Reversals
Afternoon Technicals (all charts)
FOREX Trading and Technical Analysis Observations
EUR/USD-has extended yesterday’s bounce and is nearing resistance from the JS Thrust close at 12770. Former supports at 12825 and 12882 are also estimated resistance at this point. The latter levels probably don’t come into play until later this week if at all. 12685/12700 is potential support before the low but I favor selling rallies as per monthly opening range rules.
AUD/USD-There is little to add to recent Daily Technicals commentary.
USD/JPY-is up over 1% today and approaching the top of its recent range. 8042/47 is resistance before the high and I’m on the lookout for exhaustion and a top the rest of this week. Even if the rally from 7712 is unfolding as an impulse (5 waves), the USD/JPY is likely to reverse after trading above 8067.
EUR/JPY-has just traded through 10214 resistance (former support) and I’m on the lookout for a secondary top against the November 1 high. The 50%-61.8% retracements at 10245/96 are of interest as levels for this advance to exhaust.
AUD/JPY-has traded through the estimated 8328 resistance. Combining the AUD/USD and USD/JPY analysis though does suggest a top and reversal not far from the current level in the AUD/JPY. I’m bearish against the 11/7 high.
EUR/AUD-has turned up and is likely to face resistance at the former 4th wave area of 12242-12318. The latter level is the former 4th wave extreme and probably the stronger of the 2 levels.
EUR/USD – Daily Bars
Prepared by Jamie Saettele, CMT
USD/JPY – Daily Bars
Prepared by Jamie Saettele, CMT
EUR/JPY – Daily Bars
Prepared by Jamie Saettele, CMT
EUR/AUD – Daily Bars
Prepared by Jamie Saettele, CMT
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