Market Update 9/28 – USDCAD and GBPUSD Setups

Market Update 9/28 – USDCAD and GBPUSD Setups

ByJamie Saettele

So much for the pullback. That said, I hate chasing USDJPY up here (despite being a bull)! The 75 line of the channel from the 2020 low is just above the market. This was resistance in March and July and I’m watching for resistance again. If price does start to pull back, then watch for support between 110.45 and 110.80 (see below). Also, there was a 4 hour volume reversal today. The futures chart below show all the reversals with equivalent volume for the last 3 years (remember that these are charts of JPY/USD so the chart is inverted).

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 4/29 – EURJPY Top?

Market Update 4/29 – EURJPY Top?

ByJamie Saettele

EURJPY closed right at 132.00 today. This is HUGE. The level is defined by the underside of the trendline from the 2012 low and the trendline from the 2008 high! If you look at a 4 hour chart, you’ll see a 4 hour reversal candle. This occurred during the active U.S. session so perhaps a top is in place? The big short trigger remains a break of the upward sloping trendline but if price drops in a clear 5 waves from today’s high then I’ll plot an entry. Stay tuned.

Market Update 4/27 – EURJPY at Important Zone

Market Update 4/27 – EURJPY at Important Zone

ByJamie Saettele

EURJPY has reached the underside of the line off of the 2012 and 2016 lows. This is also the line that extends off of highs since January 2020. The line off of the 2008 and 2014 highs (magenta line) is just above the market…at about 132.00. 131.89 is also where the rally from the May low would equal 61.8% of the 2016-2018 rally. This is interesting because action since the 2014 high may be a triangle and alternate legs within triangles often relate by 61.8%. Bottom line, now to 132.00 is a zone for a top.

Market Update 4/19 – USD Dumps – What Now?

Market Update 4/19 – USD Dumps – What Now?

ByJamie Saettele

The sharp USD drop on Monday makes me neutral at best for now. I had wanted to see USDOLLAR hold the median line from the multiyear structure in order to stay constructive (see below). That said, DXY has reached VWAP from the January low and USDOLLAR has reached the 3/18 low. The 61.8% retrace for USDOLLAR is slightly lower at 11705. Keep an eye on these levels for possible support.