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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