USD/JPY Outside Day; Keep Resistance Line in Mind above 103.00

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Outside Day; Keep Resistance Line in Mind above 103.00

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change. “The USDJPY run continues. The break above 99.94 was from a triangle (with an exceptionally shallow E wave). The break offers several tidbits of information. Breaks from triangles are often terminal so this may be the final run before a stronger decline. The width of the triangle (99.94-95.79) can also be used to determine an objective. Add the width to the breakout level and you get 104.09.” Keep in mind the trendline that extends off of the March and April highs…that line is at about 103.50 on Wednesday.

FOREXTrading Strategy: Flat

LEVELS: 100.78 100.26 101.70 102.50 103.50 104.08

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