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USD/JPY Continues to Flirt with Breakdown

USD/JPY Continues to Flirt with Breakdown

2014-05-08 21:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Continues to Flirt with Breakdown

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDJPY has rebounded from the line that extends off of the February and 3/14 lows. The rally from the February low channels in a corrective manner and makes 104.12 important from a bigger picture bearish perspective.” Friday’s action makes 103.01 the new important level.

-The rate is sitting on a support shelf. If a breakdown is near, then expect resistance from 102.20.

LEVELS: 100.75 101.01 101.41 | 101.85 102.18 102.40

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

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