USD/JPY Coiling For September Breakout?

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Coiling For September Breakout?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The title says it all. Don’t get caught up with what’s happening within the August range. Current range conditions are setting the stage for the next large move…perhaps a resumption of the longer term bull. Wednesday’s comments regarding the Nikkei relationship remain valid – “Of note is that the Nikkei has traded to a new low for the month while the USDJPY is holding well above its monthly low. The same dynamic occurred at the July USDJPY / Nikkei top when the USDJPY topped on 7/8 and the Nikkei traded to a new high on 7/19 (which was not confirmed by a new USDJPY high).”

FOREXTrading Strategy: Awaiting breakout – estimated support and resistance within the range is 97.62 and 98.72.

LEVELS: 97.27 97.62 98.10 98.72 99.14 99.94

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