USD/JPY Retraces Entire Fed Drop; Bigger Picture Bull Intact
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-USDJPY held a trendline confluence from the lines that extend off of the August lows and former resistance line off of the May and July highs. Price traded to a new high for the week
-The break from the multi-month triangle remains valid. A complex inverse head and shoulders may be underway, which also portends a significant advance (if confirmed on a breakout).
Trading Strategy: Expecting 98.70/85 (week open and pre-Fed level which the market consolidated around on Thursday) to serve as support if reached. Buying dips into there with stop under the Wednesday low. If not triggered, then will reassess.
LEVELS: 96.70/90 97.44 97.63 | 98.55 98.80 99.10
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.