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USD/JPY 99.55/66 is Potential Resistance

Jamie Saettele, CMT

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY 99.55/66 is Potential Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: 5 waves down and 3 waves up since the 4/22 high favor a near term bearish interpretation. Today’s high is just a few pips above the close of the 4/22 reversal day. In other words, the rally stopped at a level consistent with a larger topping process. Short is obviously against the grain here but evidence is sufficient to take a stand against the April high for at least sub 97.00. Exceeding the high would negate bearish implications and shift focus back on 101.26/67.

FOREXTrading Strategy: Flat…need to see price trade below 99.00 before thinking about shorts again.

LEVELS: 97.40 98.37 99.08 99.67 100.00 101.43

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