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USD/JPY Breakdown Level Responds as Resistance

USD/JPY Breakdown Level Responds as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Breakdown Level Responds as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: As mentioned throughout the week, “the time component of the correction is probably underway. The USDJPY may have seen the bulk of its correction in price but additional sideways activity is probably needed in order to correct the market in time. Resistance is 9265-9308 (50%-61.8% of Monday’s range) and eventual supports remain 9024 and even 8840 (former resistance).”

FOREXTrading Strategy: Short with 9385 stop, target 9025.

LEVELS: 9024 9086 9182 9274 9308 9445

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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