USD/JPY Knocking on Breakout Door; at 4 Month Trendline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-USDJPY is testing the line that extends off of the July and Sep highs.
-The 9/11 close at 99.88 is still in the way as possible resistance.
-If a breakout is to occur this week, then price ideally stays above Monday’s low of 98.92. In bull trends, Monday lows and Friday highs are common.
Trading Strategy: 3 consecutive closes above the Oct high is a good start but I’ll entertain the bull side if price closes above the trendline that extends off of the July and Sep highs.
LEVELS: 98.48 98.92 99.40 | 99.88 100.60 101.00
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