USD/JPY Drops into Support Zone
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 bounce into 103.27 might be in the cards before a drop towards the mid-101.00s.
LEVELS: 101.63 102.26 102.50 | 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.