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USD/JPY 96.85 Possible Support but Beware a Break

USD/JPY 96.85 Possible Support but Beware a Break

2013-10-23 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 96.85 Possible Support but Beware a Break

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The 10/17 outside day reversal and the rally from 97.55 reversing at the 61.8% retracement of the decline from 99 are both bearish.

-The Nikkei reversed sharply off of trendline resistance. The USDJPY was unable to come close to its trendline resistance near 99.70. In general, the Nikkei held up while the USDJPY languished. This dynamic occurred in July (at tops).

Trading Strategy: This market is in a tight range and coiled for a big move. Many assume that the eventual breakout will be higher. It might, but it’s possible that the eventual break ‘surprises’ to the downside. We’ll trade it either way when it’s ready.

LEVELS: 95.36 95.80 96.86 | 97.55 97.90 98.18

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