USD/JPY Range Forming; Break Will Determine Next Move

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Range Forming; Break Will Determine Next Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “5 waves down and 3 waves up since the 4/22 high favor a near term bearish interpretation. Today’s high is just a few pips above the close of the 4/22 reversal day. In other words, the rally stopped at a level consistent with a larger topping process. Short is obviously against the grain here but evidence is sufficient to take a stand against the April high for at least sub 97.00. Exceeding the high would negate bearish implications and shift focus back on 101.26/67.”

FOREXTrading Strategy: Flat

LEVELS: 97.00 98.37 98.37 99.31 99.67 101.43

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