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
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