USD/JPY Early Month Breakout



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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Early Month Breakout

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The break above the line that extends off of the May and July highs opens up 99.94 and 100.97. Last week’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: Long against 98.25. Stop will be trailed.

LEVELS: 98.27 98.52 99.00 99.94 100.97 101.53

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