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USD/JPY Breaks to Weekly High; Next Resistance Could be 101.00

USD/JPY Breaks to Weekly High; Next Resistance Could be 101.00

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Breaks to Weekly High; Next Resistance Could be 101.00

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY was playing out as planned with Monday’s top in the resistance zone. Of course, today’s move to a new high for the week negates the near term bearish structure as it was presented and shifts focus to the next resistance zone of 100.97-101.12. The latter price is where the rally from 98.23 would consist of 2 equal legs. Near term support is 99.95-100.18.

FOREXTrading Strategy: Stopped out of short position at 100.60 – entry was 99.90 (average of 99.70 and 100.10).

LEVELS: 98.94 99.72 100.18 100.76 100.97 101.30

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

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