60 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDJPY has been trading well in recent weeks on a short term basis. Given the extent of the rally since September, we should respect potential for a period of sideways to down trading. New highs are of course possible but so is a triangle, flat, or something complex from 96.70. Resistance is 96.27/40.
FOREXTrading Strategy: ‘Fading news’ is usually a good idea. Today’s FOMC rally stalled after poking above 96.00. I prefer to sell into 96.27/40 if given the opportunity and would even allow for a push to new highs.
LEVELS: 94.07 94.70 95.37 96.27/40 97.78 99.66