USD/JPY May Find Support Near Trendline, 92.90

DailyFX

240 Minute Bars

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY May Find Support Near Trendline, 92.90

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Price action since the March high raises the specter of a more important top. The 3/8 special report includes a wave count of the rally since August.” Over the next 2 days, I am looking for the market to react (support) at the downward sloping trendline and 3/5 low at 92.91. Former support is now estimated near term resistance at 93.87-94.07.

FOREXTrading Strategy: While I am expecting a reaction near estimated support at 93.00, I’m wary of doing anything other than intraday trading before BoJ on Wednesday night / Thursday morning. Ideally, the market can hold support near 92.90 and rally on BoJ (95.00/50?) before experiencing a sharper decline.

LEVELS: 90.86 91.81 92.91 93.87 94.30 95.96

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