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USD/JPY Lack of Volatility Obsfucates Short Term Pattern

USD/JPY Lack of Volatility Obsfucates Short Term Pattern

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY Lack of Volatility Obsfucates Short Term Pattern

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-As I type, USDJPY is making an attempt on the line that connects the 1/2, 1/16 and 1/21 highs. Look higher as long as price is above 104.00

-Yes, the decline from 105.43 is in 3 waves. The diehard Elliott trader will tell you that this is bullish. It could be but in the real world I have seen plenty of supposed 3 wave completed corrections become the first leg of larger complex corrections, triangles, flat, etc.

LEVELS: 103.00 103.56 104.17 | 104.72 105.30 106.00

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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