USD/JPY Takes Out Last 8 Days; Beware the Chop That Follows

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Takes Out Last 8 Days; Beware the Chop That Follows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Volume (CME) was the largest today since 8/16/07 (which is a record). Does this tell us that the decline was a 1 day exhaustion (a la 2/25)? After sharp down days off of a high, it’s not uncommon for the USDJPY to ‘chop’ around for a few days before making its next move (up or down). With that in mind, 102.30 is a level to watch for resistance and 101.30 for support. More information is needed (price data) in order to pass judgment regarding the next larger move

FOREXTrading Strategy: Flat

LEVELS: 99.94 100.82 101.30 102.30 103.15 103.73

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