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USD/JPY Outside Day Reversal but Wait for NFP

USD/JPY Outside Day Reversal but Wait for NFP

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Outside Day Reversal but Wait for NFP

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

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 101.80 on Friday as well.”

FOREXTrading Strategy: Will be looking for a top on Friday after NFP; the higher…the better.

LEVELS: 98.28 98.69 99.47 101.27 101.60 101.97

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