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USD/JPY Follows Through on Outside Day Reversal

USD/JPY Follows Through on Outside Day Reversal

2014-05-22 21:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Follows Through on Outside Day Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-102.35 (lower highs) remains important to the possibility of a breakdown but Wednesday’s outside day reversal at the 200 day average and (just as important) Thursday’s follow through on that reversal puts a dent in prospects for an immediate breakdown and leaves range conditions firmly entrenched.

-Resistance clusters between 101.90 and 102.15. Support is estimated at 101.35.

LEVELS: 100.74 100.94 101.33 | 101.95 102.13/21 102.47

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

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