USD/JPY Outside Day after Trendline Support Holds
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-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.
-The trendline off of the August lows came back into play and proved its worth once more. The market responded in a bullish manner with an outside day.
Trading Strategy: Staying long against 97.75. Target half at 100.15 (rally from Sep. low would consist of 2 equal legs at 100.17 and trendline resistance is just above this level as well).
LEVELS: 97.75 98.26 98.63 | 99.15 99.66 99.97
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