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USD/JPY Strategy is to Sell Next Failed Rally

USD/JPY Strategy is to Sell Next Failed Rally

2013-04-02 21:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Strategy is to Sell Next Failed Rally

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.” A downtrend has developed from the March high. Price spiked through the bottom of that channel today before recovering and closing near the highs. Minor support comes in at 92.16 with the 2/25 close and low at 91.81 and 90.84 probably serving more importance.

FOREXTrading Strategy: Wary of doing anything other than intraday trading before BoJ on Wednesday night / Thursday morning. I’d like to see the USDJPY marked up before BoJ and for the rally to culminate in a spike on that ‘news’.

LEVELS: 90.24 90.84 91.81 94.07 94.90 95.44

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