eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Outside Day Reversal Warns of Pullback

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY poked above the 5/22 close of 103.15 (daily closing high for 2013) before an outside day reversal unfolded.

-Former highs at 101.52 and 100.60 are now possible supports, especially 100.60-101.10. Resistance before the high is 102.80.

Trading Strategy: Trailed out of the rest of USDJPY longs at 102.20. I’m flat at the moment.

LEVELS: 101.14 101.52 101.90 | 102.80 103.73 105.31

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