USD/JPY Near Term Pattern Getting Interesting
60 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote yesterday that “the decline from the 4/22 high is in 5 waves and momentum on the downside has slowed considerably. That combination warns of a bounce before the potential for additional downside. 98.20 is initial resistance.” The USDJPY rally has stalled in the vicinity of the former 4th wave. Some consolidation (wave b) before another push higher that ends below 99.88 could complete a corrective rally from 97.00 (maybe on NFP).
FOREXTrading Strategy: Looking to short strength and possibly after NFP…between 98.47 and 99.22.
LEVELS: 95.79 96.70 97.40 98.47 99.22 99.67
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