USD/JPY Inside Day; 101.82 Viewed as Near Term Pivot



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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Inside Day; 101.82 Viewed as Near Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The break above 99.94 was from a triangle (with an exceptionally shallow E wave). Breaks from triangles are often terminal so this may be the final run before a stronger decline. The width of the triangle (99.94-95.79) can also be used to determine an objective. Add the width to the breakout level and you get 104.09. Since 5/14, the advance has been characterized by waning momentum. A rally into 102.50/70, failure and drop below 101.82 would warrant a bearish view.

FOREXTrading Strategy: Considering how one-sided the psychology of this market is…a drop could accelerate quickly as those late to the game exit simultaneously. Would be short below 101.90.

LEVELS: 100.78 101.26 101.82 102.76 103.30 104.08

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