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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

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

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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