USD/JPY 98 in Focus after Push Above 97.25
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-It is still possible that a 3 month triangle is complete. This is the working assumption as long as price is below 98.72.
-BUT…the push above 97.25 opens up a run on trendline resistance and more specifically the 9/18 low and 10/2 high at 97.76-98.08. Watch the underside of the June-August line for resistance as well.
Trading Strategy: Trailed out of short from 97.75 at 97.28. Near term pressure is higher towards 98. Only above 98.72 would suggest an important low is in place. I am playing Yen weakness through NZDJPY long but also then looking for a lower top around 82.
LEVELS: 95.80 96.56 96.86 | 97.75 98.08 98.25
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