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USD/JPY Holding Key Support; Looks Ready to Challenge 108.42
By: James Hyerczyk - 08-07-2008
0votesAnalysis
The USD/JPY main trend is down, but the trading action has indicated buying on dips.
The close near the high indicates the market is ready to challenge the last main top at 108.42 (06-25-08)
Gann Angles
Since June 30, this pair has rejected at least six attempts to break uptrending Gann angle support from the 104.97 (06-30-08) bottom at 106.72 today.
The absolute major support is an uptrending Gann angle from the March 17 bottom at 95.73. This Gann angle moves up to 105.98 today.
The market starts to weaken if this area fails as support.
On the upside, the market closed over a downtrending Gann angle at 107.17. This indicates the market will make a rotation to the next downtrending Gann angle at 107.80.
This is the last angle before the pair of main tops at 108.46 and 108.59.
Trading Ideas
Aggressive counter-trend traders can go long between 107.42 and 107.17 for a rally to 107.80. Be ready to exit if 107.17 fails.
Less aggressive buyers can wait for a pull-back to 106.72.
On the upside, trend traders can try to sell in front of the double-top at 108.46 to 108.59. The best price to initiate a new short is 107.80.
Next Analysis: USD/CHF Must Clear 1.0361 to 1.0376 or Rally Will FizzleContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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