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USD/JPY 101.50/60 is Next Level of Possible Support

USD/JPY 101.50/60 is Next Level of Possible Support

2014-01-29 02:21:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY 101.50/60 is Next Level of Possible Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-To review, “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.”

-Bigger picture traders should be looking to participate in the long term bull move but there’s no indication that the selling is complete. Former highs at 101.52 and 100.60 aren’t out of the question. Near term, resistance is up to 103.58.

LEVELS: 100.60 101.52 102.02 | 102.77 103.07 103.58

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

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