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USD/JPY Inside Day in Front of Trendline; Trade What You See

USD/JPY Inside Day in Front of Trendline; Trade What You See

2013-06-04 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Inside Day in Front of Trendline; Trade What You See

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDJPY may have made an important top 2 weeks ago (weekly outside reversal), one incurs a lot of risk being bearish the USDJPY right here. The trendline that connects the November and April lows is just under Monday’s low on Wednesday. The decline channels in a corrective manner so it’s possible that a low is already in place.

FOREXTrading Strategy: Long here risks a tag of the trendline and stop out before the trade works. Allow for near term pattern to clean up…but might have an entry tomorrow (updates will be made through Twitter @JamieSaettele).

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