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USD/JPY Possible Trendline Support Seen at 101.86 on Wednesday

By , Sr. Technical Strategist
25 February 2014 21:59 GMT

Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Possible Trendline Support Seen at 101.86 on Wednesday

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The USDJPY range has tightened for most of February. The choppy trade since the 2/11 high probably composes a B wave triangle within a 3 wave rally from the early February low.

-The implications are for a C wave rally to begin in the next few days towards 103.45/85.

LEVELS: 101.02 101.26 101.63 | 102.52 103.44 103.86

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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25 February 2014 21:59 GMT