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USD/JPY Rebounds; 98.55 Potential Resistance

USD/JPY Rebounds; 98.55 Potential Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Rebounds; 98.55 Potential Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDJPY gapped to the downside before finding support from the line that extends off of the June and August lows and top side of the line that extends off of the May and July highs (again).

-Another trendline confluence serves as resistance near 98.55 (see red line) on Wednesday. The downward sloping line that originates on 9/11 is at about 98.75/80 on Tuesday.

Trading Strategy: Was stopped out of longs. Given the ideal breakout(down) window, don’t dismiss something more bearish at these levels. The decline from the July high would consist of 2 equal waves just below 95.

LEVELS: 96.70 97.49 97.74 | 98.55 98.97 99.66

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

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