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USD/JPY at Top of Near Term Channel; Caution Warranted

USD/JPY at Top of Near Term Channel; Caution Warranted

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY at Top of Near Term Channel; Caution Warranted

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY has broken triangle resistance. The break opens up a test of 104.78 and maybe 105.30 or more.

-Recently broken resistance at 102.80 is now support if the market is thrust back into the range. The immediate bull case is valid above 103.08. Former resistance at 103.40 is support. If a reaction lower is going to happen then this is a good place for one (channel resistance).

LEVELS: 102.45 103.00 103.45 | 104.20 104.78 105.30

--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.

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