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USD/JPY Trading Levels Before NFP

USD/JPY Trading Levels Before NFP

2013-10-21 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Trading Levels Before NFP

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-While the rally from 10/8 is promising, the 10/17 outside day reversal warrants caution.

-A flat may be nearing completion, in which case the market is vulnerable to a drop below 97.50. 97.20 and 96.85 are estimated supports. 98.44 and 98.58 are estimated resistance.

Trading Strategy: If anything, then look to fade an NFP move into either 98.44/58 (sell) or 96.85 (buy).

LEVELS: 96.85 97.24 97.54 | 98.24 98.58 98.77

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

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