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USD/JPY Drops for 4th Day; Just 6th Such Occurrence this Year

USD/JPY Drops for 4th Day; Just 6th Such Occurrence this Year

2013-09-25 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Drops for 4th Day; Just 6th Such Occurrence this Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Last Wednesday, 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.

-Last Thursday’s USDJPY advance was accompanied by strong volume (95th percentile measured over 20 days for CME volume).

-Wednesday was the 4th consecutive decline.

-A complex inverse head and shoulders may be underway, which portends a significant advance (if confirmed on a breakout).

Trading Strategy: Got long on weakness into 98.80 on Monday so slightly underwater now but sticking with bigger picture bias above 97.75. Below there isn’t necessarily bearish though as per support from the 61.8% of both the rallies from June and August at 97.65 and the June-August trendline.

LEVELS: 97.75 97.95 98.38 | 99.15 99.66 99.97

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