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USD/JPY Builds on Constructive Action; 99.20 of Interest

USD/JPY Builds on Constructive Action; 99.20 of Interest

2013-08-22 00:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Builds on Constructive Action; 99.20 of Interest

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change – “The USDJPY appears to have completed 5 waves up from last week’s low with Thursday morning’s spike higher on news. The implications from an impulsive rally are for price to find a higher low (above 95.80) before the next bull leg exceeds 98.64. 96.70/90 is near term estimated support and held on Tuesday. 99.20, the post NFP level and close of the high week for July, may serve as resistance. Measured objectives are 99.75 and 101.51 (in line with the July high).

FOREXTrading Strategy: I'm in buy the dip mode. Support for Friday longs is 98.14/40.

LEVELS: 97.98 98.14 98.36 99.20 99.75 100.45

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