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USD/JPY is Home Home on the Range

USD/JPY is Home Home on the Range

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY is Home Home on the Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY has recovered a significant portion of its decline from the 5/22 high. The current level is defined by the former support from the 5/24 low but stronger resistance is probably seen at 101.27, or 101.97. The underside of the trendline that extends off of the November and April lows is at about 101.50 on Wednesday as well.

FOREXTrading Strategy: Market is trading in a large range…looking for a top at mentioned levels.

LEVELS: 99.30 99.73 100.28 101.27 101.60 101.97

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.