Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–USDJPY closed last week below the trendline that originates from the June low. It is possible that a 3 month triangle is complete. This is the working assumption as long as price is below 98.72.
-The decline from July would consist of 2 equal waves at 94.89. This level intersects channel support that originates at the July high AND the channel that originates from the March 2012 high on Wednesday!
-The channels are ‘Elliott’ channels. The short term downward sloping channel is a corrective channel. The long term upward sloping channel is an impulsive channel.
Trading Strategy: Moving risk down to 97.28. Exceeding 97.25 could open up a run on 97.90 (trendline from Sep high). Be aware of the mentioned confluence on Wednesday just below 95 as possible support. An important low could form near there.
LEVELS: 95.80 96.05 96.68 | 97.25 97.75 98.25