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USD/JPY Knocking on Breakout Door; at 4 Month Trendline

USD/JPY Knocking on Breakout Door; at 4 Month Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Knocking on Breakout Door; at 4 Month Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-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

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

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