USD/JPY Overcomes NFP Friday High as Next Big Yen Move is Underway

Jamie Saettele, CMT
September 10, 2013

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Overcomes NFP Friday High as Next Big Yen Move is Underway
eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Overcomes NFP Friday High as Next Big Yen Move is Underway

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The USDJPY broke through the line that extends off of the May and July highs on 9/2, then tested the topside of that line on Friday (after NFP).

-Price gapped higher for the second consecutive week. Neither gap has been filled. An inability to quickly close an upside gap is bullish.

-The next level of interest is the 7/8 reversal day close at 100.97.

Trading Strategy: Bias is still long…now against 98.50. The Nikkei is breaking out as well so I’m not quick to exit longs. After months of consolidation, the longer term USDJPY uptrend may have resumed.

LEVELS: 99.11 99.50 100 | 100.40/60 100.97 101.53

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