USD/JPY Inside Day in Front of Trendline; Trade What You See

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Inside Day in Front of Trendline; Trade What You See

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY may have made an important top 2 weeks ago (weekly outside reversal), one incurs a lot of risk being bearish the USDJPY right here. The trendline that connects the November and April lows is just under Monday’s low on Wednesday. The decline channels in a corrective manner so it’s possible that a low is already in place.

FOREXTrading Strategy: Long here risks a tag of the trendline and stop out before the trade works. Allow for near term pattern to clean up…but might have an entry tomorrow (updates will be made through Twitter @JamieSaettele).

LEVELS: 97.52 98.57 99.51 100.46 101.12 102.00

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