USD/JPY Trendline Break; Lowest Close Since 6/24
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.” The break below 98 (and the trendline) increases confidence that price is headed towards 95.35 before finding another low but notice that today’s low is exactly 97.50. That is the exact 6/7 close (June NFP day and a large volume day). The point is that 97.50 might not give so easily. 98.20 is resistance (Monday low and underside of trendline).
FOREXTrading Strategy: Playing through GBPJPY-order to short 150.70, stop 151.70. USDJPY resistance is estimated at 98.20.
LEVELS: 96.45 96.97 97.50 98.20 98.70 99.07