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USD/JPY Tries to Follow Through on Outside Day Reversal

USD/JPY Tries to Follow Through on Outside Day Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Tries to Follow Through on Outside Day Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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

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

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