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USD/JPY 104.80 Still May Impede Gains

USD/JPY 104.80 Still May Impede Gains

2014-01-15 23:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY 104.80 Still May Impede Gains

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. 104.80 remains possible resistance.

LEVELS: 103.00 103.56 104.09 | 104.79 105.30 106.00

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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