eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Following the Script; Shorting on Strength

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The FX Technical Weekly focused on finding an early week top near 100.17/26. Price exceeded this level Monday for less than an hour before reversing sharply. The decline from Monday’s high is unfolding in an impulsive manner, which offers the opportunity to sell strength. Resistance is clustered around 99.70 and at 100.10.

FOREXTrading Strategy: Order to short 99.70 and 100.10 with a stop of 100.60.

LEVELS: 97.45 98.54 98.94 99.70 100.10 100.48