USD/JPY Tags February Resistance and Rips off of Low

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Tags February Resistance and Rips off of Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote yesterday that “the USDJPY is knocking on the door of 95.00. If 95.00 gives way, then things could get ugly with price cascading into 94.45/75 (February highs) or even 93.67 (a pivot on 3 occasions earlier this year). I’m operating with a range mindset. In other words, I’m looking for a low (we’re at the bottom of the range!) That doesn’t mean buy and pray. It does mean look for lows on spikes or market openings (Tokyo, Europe, US).” The USDJPY tumbled into 93.78 at the very start of European trading and didn’t look back (although the rally didn’t really begin until the second half of US trading). Late US moves are often faded in Tokyo but that doesn’t change the fact that the market is at big support.

FOREXTrading Strategy: Today’s action offers a swing opportunity. Order to get long at 95.00, stop under the low, target half the move down at 98.75.

LEVELS: 93.68 94.45 95.00 96.00 96.63 97.97

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