USD/JPY Pulls Back off of Trendline; Beware Bag Holders

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Pulls Back off of Trendline; Beware Bag Holders

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDJPY has pulled back off of the line that extends off of the July and Sep highs.

-If a breakout is to occur this week, then price ideally stays above Monday’s low of 98.92. In bull trends, Monday lows and Friday highs are common.

Trading Strategy: 3 consecutive closes above the Oct high is a good start but I’ll entertain the bull side if price closes above the trendline that extends off of the July and Sep highs. Until then, one is at heightened risk of buying range highs.

LEVELS: 98.48 98.70 99.00 | 99.60 99.88 100.60

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