USD/JPY Trades into Resistance; Feels Like NFP
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.” This is probably a good place to top.
LEVELS: 101.02 101.20 101.93 | 102.82 103.27 103.75
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