USD/JPY Tests 2013 Daily Closing High
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.