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USD/JPY 102.85 is a Reaction Area

USD/JPY 102.85 is a Reaction Area

2014-04-07 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY 102.85 is a Reaction Area

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY was unable to hold its breakout above the March high. Still, a final high isn’t out of the question in order to complete 5 waves up from the March low.

-If the market drifts lower, then 102.30 or 102.80 could give way to a bounce.

LEVELS: 102.30 102.50 102.80 | 103.82 104.20 104.78

--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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