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USD/JPY Risk of Panic Drop Before Making a Low

USD/JPY Risk of Panic Drop Before Making a Low

2013-10-03 23:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Risk of Panic Drop Before Making a Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDJPY closed under 97.49, triggering a breakout within the ideal breakdown window for the triangle that originates from the June low.

-Focus is on the 100% extension of the July decline below 95. The underside of the June-August line along with the 9/18 and 10/1 low are resistance near 97.75.

Trading Strategy: Am short from 97.75 (yesterday’s report). Stop is moved down from 98.75 to 97.90. Take half at 96.80 and target entire position at 95, which is an area that could produce an important low (94.90-95.40 in particular).

LEVELS: 95.36 95.80 96.70 | 97.60 98.00 98.72

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