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USD/JPY Range Tightens; Beware False Breaks

USD/JPY Range Tightens; Beware False Breaks

2014-02-19 21:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Range Tightens; Beware False Breaks

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Bigger picture traders should be looking to participate in the long term bull. The decline from the top can be characterized as a wedge. Support is at 101.63 and 101.26 (the former level has already been reached).

-102.85/93 is a level that may provoke a reaction (pullback). This level is defined by the 1/13 low, 1/30 and 1/31 highs.

LEVELS: 101.26 101.63 101.91 | 102.65 103.44 103.86

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

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