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USD/JPY Tests 2013 Daily Closing High

USD/JPY Tests 2013 Daily Closing High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Tests 2013 Daily Closing High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY nearly reached the 5/22 close of 103.15 (daily closing high for 2013) on Monday.

-Former highs at 101.52 and 100.60 are now possible supports in the event of a near term reversal.

Trading Strategy: The first target of 103 was reached. The stop on the rest is tightened to 102.20. I am monitoring a possible NZDJPY short setup.

LEVELS: 101.90 102.20 102.60 | 103.15 103.73 105.31

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

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