USD/JPY Rebounds into Former Low; Wider Ranging Underway?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.