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USD/JPY is Near Term Bearish Below Monday High

By , Sr. Technical Strategist
17 July 2013 22:40 GMT

Hourly

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY is Near Term Bearish Below Monday High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The FX Technical Weekly focused on finding an early week top near 100.17/26. Price exceeded this level Monday for less than an hour before reversing sharply. The decline from Monday’s high is unfolding in an impulsive manner, which offers the opportunity to sell strength. Resistance is clustered around 99.70 and at 100.10.” Update – USDJPY respected the resistance area on Wednesday although 100.10 isn’t out of the question. Interim support is possible at 98.54.

FOREXTrading Strategy: Was triggered short at 99.70, 100.10 order remains. Stop is 100.60. Target half at 97.50 and half at 95.40.

LEVELS: 97.45 98.54 98.94 99.72 100.10 100.48

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17 July 2013 22:40 GMT