USD/JPY Building for Late Year Move Towards 105

DailyFX

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eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Building for Late Year Move Towards 105

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-One of my favorite ‘trend extension’ setups is the construction of a 3 point triangle (contracting boundaries but with just 3 legs). The pattern appears complete.

-A bullish objective of 105.12 is derived by calculating the measured move from the 103.37-101.61 dip. A close from Oct 2008 remains uncovered at 105.30.

Trading Strategy: Order to go long at 102.95, stop 102.10, target 105.30.

LEVELS: 101.81 102.40 102.75 | 103.28 103.73 105.12

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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