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USD/JPY Shake and Bake; Sell Strength

By , Sr. Technical Strategist
05 May 2014 18:49 GMT

Daily

USD/JPY Shake and Bake; Sell Strength

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDJPY has rebounded from the line that extends off of the February and 3/14 lows. The rally from the February low channels in a corrective manner and makes 104.12 important from a bigger picture bearish perspective.” Friday’s action makes 103.01 the new important level.

-102.30/50 is resistance.

LEVELS: 101.01 101.32 101.63 | 102.21 102.50 102.77

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

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05 May 2014 18:49 GMT