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USD/JPY Coiled as Price Tests Support

By , Sr. Technical Strategist
01 October 2013 22:32 GMT

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Coiled as Price Tests Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDJPY is stuck between trendlines. The Monday-Tuesday range (97.49-98.72) is viewed as critical to the next move.

-Weakness below 97.49 could get ugly with a run towards the 100% extension of the July decline below 95. Strength above 98.72 (I’d make it 99 to be conservative) would put shift focus towards the top of the triangle.

Trading Strategy: Flat

LEVELS: 95.80 96.70 97.49 | 98.48 98.97 99.66

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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01 October 2013 22:32 GMT