USDJPY into a Key Level

Market Update 9/27 – USDJPY into a Key Level

ByJamie Saettele

I’m bigger picture bullish USDJPY but this is a good spot for a slight pullback. Price is testing 111.00, which is daily reversal resistance and the March high. This is also the center line from the channel that originates at the April low. Proposed support is 110.40s and then 109.90s.

9/23 – USDJPY has broken out. If the breakout is ‘for real’, then 110.00 should provide support. A measured objective for the triangle is the 161.8% expansion of the widest part of the triangle, which is wave B. That calculation yields 114.21. However, the extreme coil in USDJPY suggests that a more aggressive target is appropriate…I’m thinking a 118 handle (see below).

Market Update 9/22 – USDJPY is ‘Coiled’ the Most Since 2014

Market Update 9/22 – USDJPY is ‘Coiled’ the Most Since 2014

ByJamie Saettele

Is USDJPY about to explode higher from a 6 month triangle? Watch for support near 109.37. Within the range, 111.00 is still possible resistance but that’s missing the bigger picture. USDJPY is the most ‘coiled’ since August 2014…right before price went on a 2000 pip run in 4 months. This observation is based on weekly Bollinger Band width (see below). Don’t forget that price is trading above multiyear trendline resistance as well. I’m on breakout alert.

Market Update 9/21 – USD Levels into FOMC

Market Update 9/21 – USD Levels into FOMC

ByJamie Saettele

In my view, USDOLLAR has broken out and is headed to 12130/60 (the next decision point). IF price pulls back (not or later), then the parallel that has been support/resistance since June 2020 (magenta line) is proposed support along with the 50 day average at 11940. That could happen on Wednesday with FOMC, at a later date, or not at all! Bottom line, 11940 is proposed support and I’m looking towards 12130/60.

10 Years of Scandinavian Capital Markets
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10 Years of Scandinavian Capital Markets

ByScandinavian Capital Markets

We’re celebrating our 10th anniversary at Scandinavian Capital Markets. We want to take this moment to reflect on how we’ve developed as an organisation in the past decade, how we’ve supported thousands of traders to realise their goals by providing the right trading conditions and tools they need and share our aspirations for the next decade of Scandinavian Capital Markets.

Market Update 9/20 – GBPJPY – Best Setup of the Year?

ByScandinavian Capital Markets

SPX DAILY SPX broke the channel so the next downside level to pay attention to is the full extension of the width of the channel.  That  line intersects about 4220 towards the end of the week.  The underside of the channel is proposed resistance now near 4395-4400. 9/15 – My near term SPX focus is on the channel…

Market Update 9/15 – Big Test in USDJPY

Market Update 9/15 – Big Test in USDJPY

ByJamie Saettele

USDJPY is testing a key spot defined by the line off of the April and August lows and the 8/16 low. Recall the bearish setup in GBPJPY (see yesterday’s post) but I’ll note the possibility of a bounce in USDJPY from the current level given the noted level and 4 hour volume reversal in futures (see below…remember that futures are quoted JPYUSD so the chart is ‘flipped’).

Market Update 9/14 – Bearish British Pound Setup

Market Update 9/14 – Bearish British Pound Setup

ByJamie Saettele

Cable put in a BIG reversal today. I’m not sure what’s going on from a pattern perspective but today’s reversal was accompanied by high volume. The chart below shows high volume (1 day) reversals in futures. Those are some good signals! Also, note that 2021 VWAP was resistance (2 charts down). ‘Levels wise’, price might bounce from near 1.3775. Watch for resistance near 1.3445.