USD/JPY Sunday Gap is Quickly Filled

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Sunday Gap is Quickly Filled

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY Sunday gap down was quickly retraced. The low came right on the 20 day average and slightly below the former range highs. Barring a series of 1st and 2nd waves from the 3/11 high, the decline is corrective. Keep the August 2009 high in mind at 97.78. ‘A blow-off’ could even test 100.

FOREXTrading Strategy: I want to be short because I think we’ll be lower in a month but I’m not sure about the next few days to week or so. Still respecting a ‘grind higher’ that could evolve into a ‘blow-off’ before a sharp drop. It’s possible that the top comes earlier than expected of course and any developments will be monitored.

LEVELS: 93.07 94.07 94.80 96.08 97.78 99.66

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