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USD/JPY Threatening Breakdown towards August Low

By , Sr. Technical Strategist
02 October 2013 23:56 GMT

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Threatening Breakdown towards August Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDJPY closed under 97.49, triggering a breakout within the ideal breakdown window for the triangle that originates from the June low.

-Focus is on the 100% extension of the July decline below 95. The underside of the June-August line along with the 9/18 and 10/1 low are resistance near 97.75.

Trading Strategy: Looking to align with downtrend at 97.75 with a 98.75 stop and target of 95.

LEVELS: 95.36 95.80 96.70 | 97.75 98.25 98.72

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02 October 2013 23:56 GMT