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USD/JPY Rebounds into Former Low; Wider Ranging Underway?

USD/JPY Rebounds into Former Low; Wider Ranging Underway?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY Rebounds into Former Low; Wider Ranging Underway?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY retraced Monday’s entire drop on Tuesday. Was the decline into Monday’s low the full correction? Maybe but a period of larger ranging is a distinct possibility as well.

-102.50 remains of interest as support. This level was the ‘lower high’ in May 2013, 12/17/13 low and more generally the middle of congestion that took place in the first half of Dec. 104.60/80 is now possible resistance.

Trading Bias: Flat

LEVELS: 100.60 101.52 103.56 | 104.16 104.79 105.30

--- 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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