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USD/JPY Key Reversal on Smaller than Average Range

USD/JPY Key Reversal on Smaller than Average Range

2013-09-11 20:41:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Key Reversal on Smaller than Average Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDJPY broke through the line that extends off of the May and July highs on 9/2, then tested the topside of that line on Friday (after NFP).

-Price gapped higher for the second consecutive week. Neither gap has been filled. An inability to quickly close an upside gap is bullish.

-The next level of upside interest is the 7/8 reversal day close at 100.97.

-A key reversal unfolded on Wednesday. While cause for concern, last Friday’s low at 98.53 remains the pivot.

Trading Strategy: Bias is still long…now against 98.50. The Nikkei is breaking out as well so I’m not quick to exit longs. After months of consolidation, the longer term USDJPY uptrend may have resumed.

LEVELS: 99.11 99.50 99.75 | 100.60 100.97 101.53

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