eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Follows Through on Key Reversal Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: If risk on/off market conditions reappear (see FX Technical weekly), then expect a weak USDJPY. Friday’s high is right at the April high and a short term trendline. Longer term trendlines are slightly above Friday’s high and a test there can’t be ruled out just yet, especially with USDJPY above 97.57. 97.90-98 is possible trendline support on Tuesday. Resistance before the 8/2 high is 99.07/20.

FOREXTrading Strategy: Flat

LEVELS: 96.97 97.57 97.90 98.80 99.07/20 100.01