USD/JPY Rally from May Low Consists of 2 Equal Legs
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“102.35 (lower highs) remains important to the possibility of a breakdown but last Wednesday’s outside day reversal at the 200 day average and (just as important) the next Thursday’s follow through on that reversal puts a dent in prospects for an immediate breakdown and leaves range conditions firmly entrenched between 101.35 and 103.25.”
-103.25 is still a possibility (especially with NFP tomorrow) but the rally from the May low consists of 2 equal legs which warns of weakness from here.
LEVELS: 101.95 102.13 102.32 | 102.77 103.00 103.25
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