USD/JPY is Home Home on the Range

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY is Home Home on the Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY has recovered a significant portion of its decline from the 5/22 high. The current level is defined by the former support from the 5/24 low but stronger resistance is probably seen at 101.27, or 101.97. The underside of the trendline that extends off of the November and April lows is at about 101.50 on Wednesday as well.

FOREXTrading Strategy: Market is trading in a large range…looking for a top at mentioned levels.

LEVELS: 99.30 99.73 100.28 101.27 101.60 101.97

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