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USD/JPY in Right Zone to Look Lower Again

USD/JPY in Right Zone to Look Lower Again

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY in Right Zone to Look Lower Again

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.” This is probably a good place to top.

LEVELS: 101.02 101.20 101.93 | 102.82 103.27 103.75

--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.