USD/JPY Tries to Follow Through on Outside Day Reversal
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-On Tuesday, USDJPY poked above the 5/22 close of 103.15 (daily closing high for 2013) before an outside day reversal unfolded. Price slipped below Tuesday’s low on Wednesday but closed above. A close below the reversal day low is preferred in order to qualify the reversal as valid.
-Former highs at 101.52 and 100.60 are now possible supports, especially 100.60-101.10. Resistance before the high is still 102.80.
Trading Strategy: Flat
LEVELS: 101.14 101.52 101.97 | 102.80 103.25 103.73
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com