Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: The USDJPY range has been tightening for 3 weeks now. The confluence of a short term trendline, near term upward sloping parallel channel and 100.60 may provide a difficult area for price to break through. Notice too that the 100.50-101.00 was roughly the breakdown point in May (circled). There was a lot of ‘back and forth’ there before the eventual break.
FOREXTrading Strategy: Reward/risk is favorable on a sale into 100.60 but would prefer to do it through GBPJPY, which has traded into big resistance from highs in June and April.
LEVELS: 98.23 98.94 99.43 100.59 100.97 101.52
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