USD/JPY Outside Day Double Doji Pattern

By DailyFx | February 06, 2013 AAA

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Outside Day Double Doji Pattern
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: No change from yesterday other than noting that price carved another doji Thursday and the break of Wednesday's low leaves a level 1 pivot in place at Wednesday's high. "The USDJPY reached its first inverse head and shoulders target of 9279 last week. The more aggressive target is just above the 2010 high of 9498 at 9547. An outside day on Tuesday and Doji warnof a turn. Weakness below the line that extends off of the1/29 and 2/5 lows serves as the trigger for a short towards 9125 and 9025.

FOREXTrading Strategy: PENDING - Weakness below the mentioned trendline is needed in order to trigger a short. View EURJPY as well.

LEVELS: 9125 9200 9307 9405 9498 9778



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