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USD/JPY 97.60 and 96.85 are Estimated Supports

USD/JPY 97.60 and 96.85 are Estimated Supports

2013-10-17 22:18:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 97.60 and 96.85 are Estimated Supports

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: Got the pullback we were looking for now need to see if the market can find support before the 10/7 low. Keep an eye on 97.60 and even 96.85 in the days ahead.

LEVELS: 96.85 97.24 97.64 | 98.24 98.60 98.77

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

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