USD/JPY Biding Time in Resistance Zone
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: No change – “The USDJPY is nearing levels ripe for a sale. High volume areas are seen at 101.27 and 101.97. The 78.6% retracement of the decline from the high is 101.60. The underside of the November 2012-April 2013 trendline reinforces this area as one to look for a top.”
FOREXTrading Strategy: Would turn bearish below 100.45…then look to short strength….or will have the opportunity to turn bearish at higher levels (102.00?)
LEVELS: 99.47 99.88 100.45 101.27 101.60 101.97