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USD/JPY Near Term Focus on 95.50 as Long as Monday Low Holds

USD/JPY Near Term Focus on 95.50 as Long as Monday Low Holds

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Near Term Focus on 95.50 as Long as Monday Low Holds

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Price action since the March high raises the specter of a more important top. The 3/8 special report includes a wave count of the rally since August. The implications of a completed 5 wave advance would be for a 3 wave correction, probably back to at least 90.84. Near term, I am looking higher into 95.43-96.12 resistance.

FOREXTrading Strategy: Went long today, but the trade is likely to last only several days. Expect to short in the 95.50-96.00 range.

LEVELS: 92.91 93.52 94.15 95.02 95.43 96.12

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

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