USD/JPY 98.60 Could Invoke Market Response
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Recent comments apply – “The USDJPY rally from 90.84 is an ending diagonal (wedge). Such patterns are usually resolved violently and often fully retraced. An outside reversal week on a slightly less than record week of volume is consistent with an important top.” Now that price has started to come off, don’t become enamored with the downside. Rather, identify points that could produce bounces. 98.60, the 5/8 low and trendline that dates to November, is one of those levels.
FOREXTrading Strategy: USDJPY may have entered a period of weakness but the path to lower prices could be choppy. Looking for a low near 98.60.
LEVELS: 96.70 97.52 98.57 100.33 101.12 102.00