Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDJPY run continues. The break above 99.94 was from a triangle (with an exceptionally shallow E wave). The break offers several tidbits of information. Breaks from triangles are often terminal so this may be the final run before a stronger decline. The width of the triangle (99.94-95.79) can also be used to determine an objective. Add the width to the breakout level and you get 104.09. Do keep in mind the 1999 low, 2005 low, 2009 high area of 101.30/70. Below 98.64 would suggest a false break (which wouldn’t surprise me…but one can’t act on hunches).
FOREXTrading Strategy: Flat
LEVELS: 99.23 99.70 100.00 101.30/70 102.50 104.08