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 9/15 – 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 9/7 – USD Comeback

Market Update 9/7 – USD Comeback

ByJamie Saettele

USDJPY has been consolidating since late March. This consolidation is taking place following a break above multiyear trendline resistance. The implication is that another leg up will take place. General long term upside focus is the LONG TERM trendline (magenta line) near 117.50. Near term, price is testing short term trendline resistance (see below). A break above would warrant a long position.