USD/JPY Above August Peak; Action is Bullish but Respect NFP Vol

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Above August Peak; Action is Bullish but Respect NFP Vol

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The USDJPY closed above the upward sloping channel that had contained the advance since the August low. Price also exceeded the August high of 99.94 (which was made on the day of August NFP). Both observations are bullish.

-Thursday was the 4th consecutive up day. Since the May top, 4 consecutive up days have occurred twice (day ended 6/20…extended to 5, and 7/2). Both instances led to consolidation before new highs were registered.

Trading Strategy: Bias is still long against 98.25. Near term momentum is waning however so be nimble heading into NFP. 99.15 is support…100.40/60 is resistance.

LEVELS: 98.75 99.15 99.85 | 100.40/60 100.97 101.53

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