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USD/JPY Biding Time in Resistance Zone

USD/JPY Biding Time in Resistance Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Biding Time in Resistance Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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