USD/JPY Near Term Resistance Extends to 96.40

DailyFX

60 Minute Bars

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Near Term Resistance Extends to 96.40

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY has been trading well in recent weeks on a short term basis. Given the extent of the rally since September, we should respect potential for a period of sideways to down trading. New highs are of course possible but so is a triangle, flat, or something complex from 96.70. Resistance is 96.27/40.

FOREXTrading Strategy: ‘Fading news’ is usually a good idea. Today’s FOMC rally stalled after poking above 96.00. I prefer to sell into 96.27/40 if given the opportunity and would even allow for a push to new highs.

LEVELS: 94.07 94.70 95.37 96.27/40 97.78 99.66

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