USD/JPY Well-Defined Short Term Levels Make for Decent Trading
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote yesterday that “the late day low is in the vicinity of former range highs and the midpoint of the 20 day range, so this is a good place for a bounce. Expect resistance from 97.54 to 98.27. The next estimated support zone is 94.90-95.74.” With the hold today, the trend must be considered higher still. A new high could also complete an ending diagonal from 90.84…then we would have a monster short opportunity. Still, estimated resistance is 98.35.
FOREXTrading Strategy: Flat
LEVELS: 94.36 95.78 97.00 98.35 99.67 101.43