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USD/JPY Edges Towards 101.35 Support

USD/JPY Edges Towards 101.35 Support

2014-06-26 19:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Edges Towards 101.35 Support

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 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.”

-“The rally from the May low consists of 2 equal legs which warns of weakness from here.” Look lower as long as price is below 102.80 but beware of supports at 101.35 and 101.16.

LEVELS: 100.74 101.16 101.35 | 101.85 102.10 102.35

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

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