LOWER TOP SOUGHT AHEAD OF NEXT DROP; LOOKING TO SELL
Usd/Jpy: With the overriding trend still intensely bearish, and with the market recently failing ahead of the 50-Day SMA and strong internal trend resistance, we like the idea of looking to fade any rallies intraday in anticipation of deeper setbacks over the coming sessions. Tuesday’s bearish reversal day confirms bias and a lower top is now sought out below Tuesday’s high, ideally by 95.10. The 95.10 level coincides with the 78.6% fib retracement off of the latest high-lows along with the projected daily ATR high. STRATEGY: SELL @95.10 FOR AN OPEN OBJECTIVE, STOP @96.10. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5pm ET) ON TUESDAY.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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Quant section prepared by David Rodriguez, Quantitative Strategist for DailyFX.com
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