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USD/JPY Fails on Multiple Attempts at October 1st High

USD/JPY Fails on Multiple Attempts at October 1st High

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Fails on Multiple Attempts at October 1st 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: Look towards 97.50 in the near term but there are probably better opportunities in NZDJPY or GBPJPY.

LEVELS: 97.24 97.64 98.06 | 98.72 99.13 99.66

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

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