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Forex pairs in this Article » USD/JPY

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Risk of Panic Drop Before Making a LowChart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDJPY closed under 97.49, triggering a breakout within the ideal breakdown window for the triangle that originates from the June low.

-Focus is on the 100% extension of the July decline below 95. The underside of the June-August line along with the 9/18 and 10/1 low are resistance near 97.75.

Trading Strategy: Am short from 97.75 (yesterday’s report). Stop is moved down from 98.75 to 97.90. Take half at 96.80 and target entire position at 95, which is an area that could produce an important low (94.90-95.40 in particular).

LEVELS: 95.36 95.80 96.70 | 97.60 98.00 98.72

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