USD/JPY Inside Day Unfolds at Channel Resistance

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Inside Day Unfolds at Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The USDJPY is above the line that extends off of the May and July highs. That line is now estimated support.

-Price reversed shy of the August high on Tuesday and remains capped by upward sloping channel resistance. The inside day on Wednesday warns of a near term top.

-The Nikkei 225 is testing its May-July trendline and the risk of a false break in USDJPY remains as per concerns over the proximity of the break to the triangle’s apex.

Trading Strategy: Bias is long against 98.25. I am trading from the long side – real time comments can be found on Twitter @JamieSaettele. Have 98.65/75 as support in the event of a deeper pullback.

LEVELS: 98.27 98.75 99.37 | 99.94 100.40/60 100.97

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