USD/JPY Estimated Support from 97.80s to 98.12
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: After trading just shy of the post NFP level and close of the high week for July, the USDJPY took a dive. Volatile range conditions may be the rule for the rest of the month. Estimated support is 96.70/90 (as it was last week). Estimated resistance for Wednesday is 97.50/70. Of note is that the Nikkei has traded to a new low for the month while the USDJPY is holding well above its monthly low. The same dynamic occurred at the July USDJPY / Nikkei top when the USDJPY topped on 7/8 and the Nikkei traded to a new high on 7/19 (which was not confirmed by a new USDJPY high).
FOREXTrading Strategy: Coming into a low? Keep tabs on 96.70/90.
LEVELS: 96.20 96.70 96.90 97.50 98.25 98.67