USD/JPY Responds to 61.8% of Advance

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Responds to 61.8% of Advance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY appears to have completed 5 waves up from last week’s low with Thursday morning’s spike higher on news. The implications from an impulsive rally are for price to find a higher low (above 95.80) before the next bull leg exceeds 98.64. 96.70/90 is near term estimated support and held on Tuesday. Exceeding 98.64 opens up the NFP hourly close at 99.20, which is also the close of the high week for July. I’d expect that level to prove difficult to overcome and a strong reaction at that level would warrant bearish consideration against the August 2 high. Big picture supports are 95.35 and the 200 day average / June low.

FOREXTrading Strategy: In summary, resistance is 99.20 and support at 95.35 and then the 200 day average / June low. Operate appropriately at these levels.

LEVELS: 95.80 96.70 96.90 97.50 97.96 98.52

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