USD/JPY Working on Separation from Coil; July High at 101.52

Jamie Saettele, CMT
November 21, 2013

Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Working on Separation from Coil; July High at 101.52
eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Working on Separation from Coil; July High at 101.52

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDJPY has broken above the trendline that extends off of the Jul and Sep highs and re-tested the line as support on 11/19.

-The market still faces 101.52 (Jul high). Of note is the fact that the Nikkei (USD) has already broken above its Jul high. Is USDJPY just lagging or is the Nikkei wrong? There is no way to know in advance. Just know that the USDJPY hasn’t confirmed the Nikkei’s strength just yet.

Trading Strategy: I am long (trigger was 99.85). Stop is tightened to 99.55 and I am on the lookout for a chance to add to the position.

LEVELS: 100.02 100.40 100.70 | 101.52 102.52 103.15

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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