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FOREX Trading: Yen Crosses Testing Critical Levels

Jamie Saettele, CMT

Shorts were triggered last night in the EURJPY and AUDJPY at 10077 and 8271 (released via Twitter @JamieSaettele). I'm playing a potentially larger breakdown with soft target areas of 9811 (61.8% retracement) and 7816 (61.8% retracement). If the trades start to work, then I'll most likely adjust stops systematically. Current stops are 10135 and 8306. If the stops are taken out, then estimated resistance doesn't come in unti 10175/10214 and 8331.

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