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USD/JPY Pushes to High for Month; Former High at 99 of Interest

USD/JPY Pushes to High for Month; Former High at 99 of Interest

2013-10-16 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Pushes to High for Month; Former High at 99 of Interest

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: Expecting a pullback from nearby - 97.50/60 ultimately of interest as support.

LEVELS: 97.50/60 97.99 98.27 | 99.13 99.66 99.88

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