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USD/JPY Failed Break Higher is a Warning Sign

USD/JPY Failed Break Higher is a Warning Sign

2014-03-17 20:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Failed Break Higher is a Warning Sign

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY has dropped into support from range lows. Bigger picture, USDJPY may be in for a downside surprise however. The rally from the February low is corrective and weakness from the March high (after NFP) is impulsive.

-Near term conditions may very well remain of the range variety as a small degree correction plays out. Resistance is estimated at 102.26/80 now. Support is 101.30/40.

LEVELS: 100.77 101.02 101.33 | 102.00 102.30 102.70

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

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