Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–The USDJPY is above the line that extends off of the May and July highs. That line is now estimated support.
-Price reversed shy of the August high on Tuesday and remains capped by upward sloping channel resistance. The inside day on Wednesday warns of a near term top.
-The Nikkei 225 is testing its May-July trendline and the risk of a false break in USDJPY remains as per concerns over the proximity of the break to the triangle’s apex.
Trading Strategy: Bias is long against 98.25. I am trading from the long side – real time comments can be found on Twitter @JamieSaettele. Have 98.65/75 as support in the event of a deeper pullback.
LEVELS: 98.27 98.75 99.37 | 99.94 100.40/60 100.97