USD/JPY May See Sharp Bounce before Next Drop

DailyFX

240 Minute Bars

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY May See Sharp Bounce before Next Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY dropped for a 5th consecutive day and continues to hold the 4/17 low at 97.20. The decline from the 4/22 high is in 5 waves and momentum on the downside has slowed considerably. That combination warns of a bounce before the potential for additional downside. 98.20 is initial resistance

FOREXTrading Strategy: Looking to short strength…probably between 98.47 and 99.22.

LEVELS: 94.95 95.79 96.70 98.20 98.47 99.22

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