USD/JPY Testing Short Term Channel Resistance

DailyFX

4Hour

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eliottWaves_usd-cad_body_usdjpy.png, USD/JPY Testing Short Term Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDJPY gapped lower Sunday evening. The low for the day was made during the first hour of trading. Price pierced the 9/6 low (NFP day low) and 20 day average before closing near the day’s high.

-The decline from 100.60 channels in a corrective manner (3 waves) and nearly consists of 2 equal waves.

-Lows so far this week have occurred in very early Asian trading (Sunday night during the 1st hour of trading and Monday night during the second hour of trading).

Trading Strategy: Action wasn’t right for a breakout last week so I moved to flat. Action down here however is favorable for dip buyers. Long, against 98.20. Support is 98.80.

LEVELS: 98.20 98.50 98.80 | 99.65 99.89 100.60

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