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USD/JPY 102.40 and 102.77 are Possible Topping Points

USD/JPY 102.40 and 102.77 are Possible Topping Points

2014-05-13 19:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY 102.40 and 102.77 are Possible Topping Points

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.” NFP Friday makes 103.01 the new important level.

-102.20 failed to inspire a strong reaction lower. Fibonacci resistance rests at 102.40. The post NFP hourly close is also possible resistance at 102.77.

LEVELS: 101.19 101.56 101.88 | 102.40 102.77 103.01

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

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