USD/JPY Breaking Down before Bank of Japan

Jamie Saettele, CMT

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Breaking Down before Bank of Japan
eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Breaking Down before Bank of Japan

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “If risk on/off market conditions reappear (see FX Technical weekly), then expect a weak USDJPY. Friday’s high is right at the April high and a short term trendline. The break below 98 (and the trendline) increases confidence that price is headed towards 95.35 before finding another low. 95.25 is coming quicker than anticipated. Strength (on news or not) would face support turned resistance at 97.59-98.18.

FOREXTrading Strategy: GBPJPY short was missed by 1 pip (entry was 150.70). With too much uncertainty in the Cable market, I’ll refrain from GBPJPY for now. With USDJPY, I’m looking for support near 95.35 and resistance near 97.50-98.20.

LEVELS: 94.67 95.45 96.20 97.50 98.20 98.70

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