Chart Prepared by Jamie Saettele, CMT
FOREXObservations: “The USDJPY tagged the June high on Friday and weakness since then has unfolded in an impulsive fashion. It is possible that weakness will compose a corrective 4th wave.” If weakness is a 4th wave, then price needs to stay above 7982 (allowing for a spike is ok). 7907 and 7927 are potential supports. The next few days probably determine how the USDJPY trades for the rest of the year.
FOREXTrading Strategy Implications: As (if) price nears mentioned supports (7927 and 7907), I’ll be on the lookout for signs of bearish exhaustion in order to turn bullish.
LEVELS: 7892 7907 7927 7975 8003 8047