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USD/JPY Responds to 101.35 Support

USD/JPY Responds to 101.35 Support

2014-07-01 20:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Responds to 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.”

-“Look lower as long as price is below 102.80 but beware of supports at 101.35 and 101.16.” USDJPY has responded to the former level and could work higher from here.

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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