FOREX Technical Analysis: USD/JPY Triangle Remains Favored Scenario

Daily Bars

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Trade since 8283 may compose a triangle. Friday's FX Technical Weekly provides a detailed look at what may be going on longer term. Near term, the 4th wave interpretation suggests a terminal thrust higher through 8283. Watch 8356 for a reversal.

FOREXTrading Strategy: Given the impulsive nature of the rally from Monday's low, I'm looking higher against 8167 towards 8356.

LEVELS: 8116 8168 8200 8283 8356 8417