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USD/JPY Former Highs are Possible Support at 101.52 and 100.60

USD/JPY Former Highs are Possible Support at 101.52 and 100.60

2013-12-05 22:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Former Highs are Possible Support at 101.52 and 100.60

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 has closed below the reversal day low which qualifies the reversal as ‘something to pay attention to’.

-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. (end of Thursday’s video focuses on USDJPY and how a trade setup may form).

Trading Strategy: Flat

LEVELS: 100.60 101.14 101.52 | 102.00 102.50 102.80

--- 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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