USD/JPY Key Reversal after a Poke above 104.80
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. Thursday’s response suggests that we respect potential for a drop from the current level.
-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.
LEVELS: 103.00 103.56 104.09 | 104.79 105.30 106.00
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