USD/JPY Drop from Top a Wedge?

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eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY Drop from Top a Wedge?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Bigger picture traders should be looking to participate in the long term bull move and today’s move opens up the possibility for a larger advance. The decline from the top can be characterized as a wedge.

-Failure to hold this week’s low opens up previously mentioned levels. “The September high at 100.60 is of interest as a level that could produce a low. Trendline support is not until about 99.30 this week.”

LEVELS: 101.02 101.20 101.75 | 102.24 102.85 103.44

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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