USD/JPY Consolidates Advance; Market Acting Well after Strength

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Consolidates Advance; Market Acting Well after Strength

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change – “The USDJPY found support at the 6/14-6/18 resistance area last week and formed a small range key reversal. The break from near term consolidation is impressive, especially in light of the long term picture. Still, a good deal of technical levels could impede near term gains or at least lead to back and fill action. The levels in question include the 7/11 low at 98.23, 20 day average at 98.51 (displaced 1 bar). A more difficult level to overcome is probably the post NFP hourly close at 99.20, which is also the close of the high week for July AND a near term trendline.”

FOREXTrading Strategy: Given impressive near term momentum, I am moving the limit on half higher from 98.50 to 99.20 (other half will be trailed). Moving the stop up on all to 96.80. 97.60/80 is still support.

LEVELS: 96.70 97.30 97.80 98.50 99.20 99.94

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