USD/JPY Outside Day after Trendline Support Holds

| 27 september, 2013 | 0 kommentarer

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Outside Day after Trendline Support Holds

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Last Wednesday, USDJPY held a trendline confluence from the lines that extend off of the August lows and former resistance line off of the May and July highs.

-The trendline off of the August lows came back into play and proved its worth once more. The market responded in a bullish manner with an outside day.

Near term pattern is especially clean…and bullish.

Trading Strategy: Staying long against 97.75. Target half at 100.15 (rally from Sep. low would consist of 2 equal legs at 100.17 and trendline resistance is just above this level as well).

LEVELS: 97.75 98.26 98.63 | 99.15 99.66 99.97

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Kategori: Analys från DailyFX

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