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USD/JPY at Reaction Area for a Bounce

USD/JPY at Reaction Area for a Bounce

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY at Reaction Area for a Bounce

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“After tightening for most of February, the USDJPY gapped lower to begin March. Still, near term conditions remain of the range variety.”

-“A rally towards 103.45/85 remains favored as long as price is above the February low.” Price has reached the target zone and turned lower. The rate is at a reaction zone now (102.80). A final run at 103.85 might be in the cards before a drop towards the mid-101.00s.

LEVELS: 101.63 102.26 102.79 | 103.27 103.75 104.79

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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