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USD/JPY 98.30/50 is Resistance and 97.40 is Support within Tight Range

USD/JPY 98.30/50 is Resistance and 97.40 is Support within Tight Range

2013-10-29 23:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 98.30/50 is Resistance and 97.40 is Support within Tight Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDJPY has recovered off of last week’s lows and is nearing possible resistance from the line that extends off of the Sep and Oct highs. The line is at about 98.45 on Wednesday, in line with the 10/22 high of 98.48.

-The Nikkei reversed sharply off of trendline resistance last week. 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: 96.86 97.39 97.78 | 98.30 98.48 98.99

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