USD/JPY at Reaction Area for a Bounce
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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
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