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  • The Yen pullback has begun $EURJPY was the pair I was focusing on for this and it's off > 100 pips from yday's high $GBPJPY back to trendline support, $AUDJPY back to the 85 handle for a support test https://t.co/nqZi0Q7tRw https://t.co/DP8BXe9lb2
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  • Ready for Thursday US trade? Pre-open trade on $SPY tracking for a lower open just to make things a little more spicy with the S&P 500 just off a record high following a six-day advance https://t.co/oMQ6Cbuf4W
  • Heads Up:🇺🇸 Fed Waller Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-10-21
  • $SPX now ~200 handles off of support - from last week, an astounding move from last Wednesday's low the ath now a stone's throw away $ES_F https://t.co/B1YNeeJOtk https://t.co/Tec0eqiWXf
  • 🇺🇸 Philadelphia Fed Manufacturing Index (OCT) Actual: 23.8 Expected: 25 Previous: 30.7 https://www.dailyfx.com/economic-calendar#2021-10-21
USD/JPY 2010 High in Sight at 9500

USD/JPY 2010 High in Sight at 9500

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 2010 High in Sight at 9500

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDJPY reached its first inverse head and shoulders target of 9279 on Friday. The more aggressive target is just above the 2010 high of 9498 at 9547. I wrote yesterday that “price is nearing initial support from 9177-9207. A break there would expose the 1/30 high at 9140 and create overlap with the rally from 9032. That would be a sign that something bearish is in the works. Until then, stand aside.” Today is a good example of why it’s a good idea to wait for confirmation before playing hero (calling a top).

FOREXTrading Strategy: Willing to play the short side below Tuesday’s low (9197) towards former resistance at 9024…but nothing right here.

LEVELS: 9140 9200 9300 9397 9498 9778

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