USD/JPY Responds to Breakdown Level

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Responds to Breakdown Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY has reversed just shy of the 50% retracement and breakdown level at 98.75/85. A deeper pullback as part of a larger basing for the next move higher would present an opportunity to get long. The strongest area of support is probably 95.35/76. 95.35 is the close of the 6/13 reversal day and 95.76 is the breakout level for longs. The 61.8% of the move up is in this zone at 95.66.

FOREXTrading Strategy: Flat

LEVELS: 95.76 96.41 97.02 98.12 98.48 98.85

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