USD/JPY Trades Down Over 3 Big Figures into Mid April Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: After price took out the trendline that extends off of the November 2012 and April 2013 lows, the USDJPY fell quickly to 96 before finishing the day off of the lows. While the diagonal from 90.84 may be fully retraced, there will advances along the way. Thursday’s low is a good place for an interim low…the level marks the 4/15 low and 4/4 large volume (CME) close. 98.60/85 is now resistance
FOREXTrading Strategy: Was stopped out at 98.80…and good thing. The washout today is just that…a washout and these are often interim lows (at least).
LEVELS: 94.45 94.90 95.89 97.84 98.60 99.46