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USD/JPY Levels of Interest on Downside are 97.50 and 95.35

USD/JPY Levels of Interest on Downside are 97.50 and 95.35

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Levels of Interest on Downside are 97.50 and 95.35

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY never reached the underside of the November 2012-April 2013 trendline as price was unable to push much through the high volume area of 101.27. The drop has already come into the 6/24 high of 98.69 but sales on strength are preferred into 100.32-100.97 against the Monday high for continuation towards 97.48 and perhaps 95.35.

FOREXTrading Strategy: See above…be aware of BoJ and the post meeting press conference later.

LEVELS: 95.35 97.48 98.54 100.32 100.97 101.52

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

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