USD/JPY Outside Day; May Be Triangle Before Next Move Lower

DailyFX

4Hour

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Outside Day; May Be Triangle Before Next Move Lower

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY broke 3 week consolidation to the downside last week. Near term focus remains lower towards the lower channel line that defines that downtrend since 7/7 although a triangle may be unfolding since 7/29. In that case, we probably get another day of sideways before the break on Friday.

FOREXTrading Strategy: Wait Thursday out…will have updated charts before NFP on Friday.

LEVELS: 95.35 96.40 97.51 98.51 98.90 99.40

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