USD/JPY Drop Takes Out Entire February Range
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDJPY made its high in the first minute of trade Sunday night on supposedly ‘bullish news’ over the weekend. Markets do not reward groupthink. The USDJPY may have seen the bulk of its correction in price but additional sideways activity is probably needed in order to correct the market in time. Resistance is 9265-9308 (50%-61.8% of Monday’s range) and eventual supports remain 9024 and even 8840 (former resistance).
FOREXTrading Strategy: Shorts favored into 9300 against the Monday high.
LEVELS: 9024 9086 9182 9265 9308 9445