USD/JPY 99.55/66 is Potential Resistance
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: 5 waves down and 3 waves up since the 4/22 high favor a near term bearish interpretation. Today’s high is just a few pips above the close of the 4/22 reversal day. In other words, the rally stopped at a level consistent with a larger topping process. Short is obviously against the grain here but evidence is sufficient to take a stand against the April high for at least sub 97.00. Exceeding the high would negate bearish implications and shift focus back on 101.26/67.
FOREXTrading Strategy: Flat…need to see price trade below 99.00 before thinking about shorts again.
LEVELS: 97.40 98.37 99.08 99.67 100.00 101.43