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USD/JPY Pullback is Likely from Nearby Levels; Oct 1 High

USD/JPY Pullback is Likely from Nearby Levels; Oct 1 High

2013-10-14 21:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Pullback is Likely from Nearby Levels; Oct 1 High

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) to 99.13 (9/26 high) is a likely area for a near term top to develop. The ensuing pullback, possibly a 2nd wave, could be sharp.

-97.50/60 is likely support, followed by 97.20 and 96.85.

Trading Strategy: Want to flip to short side here but will probably find better opportunities in NZDJPY or GBPJPY.

LEVELS: 97.20 97.60 98.09 | 98.72 99.13 99.66

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