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USD/JPY Back to Flat on the Month; 98.72 an Important Level for Trend

USD/JPY Back to Flat on the Month; 98.72 an Important Level for Trend

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Back to Flat on the Month; 98.72 an Important Level for Trend

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Impulsive strength is consistent with formation of an important low. 98.72 (Oct high) remains the line in the sand for a larger bearish outcome.

-Near term move is getting extended but may test 98.50/70 before a pullback. 97.65/85 is support.

Trading Strategy: Still playing Yen weakness through NZDJPY with a limit at 82. In the case of USDJPY, price may complete an impulse (5 wave rally) into 98.50/70 before a pullback materializes.

LEVELS: 96.86 97.47 97.84 | 98.26 98.72 98.99

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

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