USD/JPY Trendline in Play as Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDJPY may have made an important top 2 weeks ago (weekly outside reversal), but 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. The decline channels in a corrective manner so it’s possible that a low is already in place.
FOREXTrading Strategy: Got long this morning…stop is under Monday’s low. Targeting 101.30. If price does take out the Monday low, then watch for support at 98.10.
LEVELS: 97.38 98.12 98.57 99.52 100.46 101.30