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USD/JPY Turns Up from 2 Day Consolidation

USD/JPY Turns Up from 2 Day Consolidation

2013-08-12 00:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Turns Up from 2 Day Consolidation

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY found support at the 6/14-6/18 resistance area last week and formed a small range key reversal. I had been waiting for a test of 95.35 (Fibonacci confluence and close of the low day in June) before turning bullish but the break above near term consolidation is enough to turn me bullish now.

FOREXTrading Strategy: Long, stop in halves at 96.35 and 95.80, target half at 98.50. Support is 96.70.

LEVELS: 95.80 96.35 96.70 97.90 98.50 99.20

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