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USD/JPY Retraces Half the Move From July High

USD/JPY Retraces Half the Move From July High

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Retraces Half the Move From July High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY rocketed all day, eliminating the short term triangle pattern that I was hoping would materialize before NFP. In any case, price has retraced half of the decline from the July high. The confluence of the 61.8% level and trendlines at 100 would is something to keep in mind as strong resistance if reached. Near term resistance is 98.90-99.00. From a short term price pattern perspective, a drop into there may precede a run at 100.

FOREXTrading Strategy: Will be looking for a top near the mentioned 100 level over the next few days.

LEVELS: 97.90 98.51 98.90 99.55 100.00 100.45

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