USD/JPY Retraces into Trendline Confluence

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Retraces into Trendline Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: It’s possible that the USDJPY takes a breather from directional moves and trades in a range for at least the next few weeks. Price is over 400 pips off of Friday’s low and has reached resistance from a trendline confluence (underside of the trendline that extends off of November and April lows and recent short term resistance line) and former low at 98.70. Support is estimated from the uncovered close at 97.51 and Thursday’s 1 pm close (big volume) at 96.62.

FOREXTrading Strategy: Active range trading…so looking for a top near here and a drop into 97.50 or even 96.50…then looking for a low.

LEVELS: 96.62 97.51 97.95 99.36 99.71 100.40

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