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USD/JPY Estimated Support from 97.80s to 98.12

By , Sr. Technical Strategist
26 August 2013 22:25 GMT

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Estimated Support from 97.80s to 98.12

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: USDJPY strength has stalled just shy of 99.20, the post NFP level and close of the high week for July. Measured objectives remain 99.75 and 101.51 (in line with the July high) and near term support is likely from about 97.80 to 98.12. The zone encompasses several trendlines and former daily highs.

FOREXTrading Strategy: I'm in buy the dip mode. Support for longs is 97.80-98.12.

LEVELS: 97.58 97.85 98.12 98.72 99.20 99.75

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26 August 2013 22:25 GMT