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USD/JPY Stalls Ahead of August High

USD/JPY Stalls Ahead of August High

2013-09-03 00:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Stalls Ahead of August High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The USDJPY closed above the line that extends off of the May and July highs. That line is now estimated support.

-Price reversed shy of the August high and slightly above upward sloping channel resistance.

-The Nikkei 225 has yet to break through its May-July trendline however and the risk of a false break remains as per concerns over the proximity of the break to the triangle’s apex.

Trading Strategy: Bias is long against 98.25. I am trading from the long side – real time comments can be found on Twitter @JamieSaettele. Have 98.75-99.00 marked as support in the event of a deeper pullback.

LEVELS: 98.27 98.75 99.00 | 99.94 100.97 101.53

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