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USD/JPY Estimated Resistance is 98.88

USD/JPY Estimated Resistance is 98.88

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Estimated Resistance is 98.88

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY broke 3 week consolidation to the downside last night. Near term focus remains lower towards the lower channel line that defines that downtrend since 7/7 although a tag of resistance at 98.88 may be in store first. A break of the lower channel would open up 96.40 and 95.35.

FOREXTrading Strategy: Continue to play through GBPJPY. Resistance is 141.40/50.

LEVELS: 95.35 96.40 97.51 98.46 98.90 99.40

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

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