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USD/JPY Break of 92 Needed to Complete Topping Pattern

USD/JPY Break of 92 Needed to Complete Topping Pattern

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Break of 92 Needed to Complete Topping Pattern

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: To review – “last Tuesday’s inside day after Monday’s suspicious late day rally smells like a top. The break of the 2x2 trendline (a trendline drawn off of pivots with left strength and right strength of 2) increases evidence that the rubber band is about to snap back…at least to some extent.” Friday’s reversal may be a shake out.

FOREXTrading Strategy: Last week’s drop below 9235 turned me bearish but the quick reversal triggered the 9400 stop. A drop below 9216 would complete a head and shoulders top with a target of 90.

LEVELS: 9125 9216 9281 9370 9445 9498

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