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USD/JPY Rebounds after NFP Low Test; Drop is in 3 Waves

USD/JPY Rebounds after NFP Low Test; Drop is in 3 Waves

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Rebounds after NFP Low Test; Drop is in 3 Waves

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDJPY gapped lower Sunday evening. The low for the day was made during the first hour of trading. Price pierced the 9/6 low (NFP day low) and 20 day average before closing near the day’s high.

-The decline from 100.60 channels in a corrective manner (3 waves) and nearly consists of 2 equal waves.

Trading Strategy: Action isn’t right for a breakout last week so I moved to flat. Action down here however is favorable for dip buyers. Long, against 98.20.

LEVELS: 98.20 98.50 99.00 | 99.70 99.89 100.60

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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