LOOKING TO BUY USD/JPY AT 97.75 ON WEDNESDAY
Techs – Usd/Jpy: Setbacks were well supported on Monday with the market initially dropping down to 95.95 but unable to extend any further, before sharply reversing back above 98.90 to just over the 200-Day SMA at 99.25 on Tuesday. There is solid internal range support by 97.00, and we continue to favor an eventual break of the current consolidation over the coming sessions through the 2009 highs at 99.70 and above 100.00, towards the major 87.15 double bottom objective by 104.00. While there are really no compelling risk/reward set-ups at current levels, we will look for opportunities to buy intraday pullbacks. Based on the current 99.50 Wednesday high, the ATR (“Average True Range) projected low comes in by 97.75 which directly coincides with the 20-Day SMA. As such, any dips to here are viewed as a compelling buy opportunities.[B] Strategy: BUY @97.75 FOR A 100.00 OBJECTIVE, STOP @96.75. [I]Stops to be trailed to cost on a break back above 97.15. If trade triggers and 97.15 not broken, position to be closed out at NY close (5pm EDT) on Wednesday. Recommendation to be removed if not triggered by NY close on Wednesday.
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Charts created using Intellichart – Prepared by Joel Kruger
Written by Joel Kruger, Technical Currency Analyst for DailyFX.com
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