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USD/JPY Consolidation or Top?

USD/JPY Consolidation or Top?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Consolidation or Top?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Range conditions are no more as momentum suggests that a new bull leg is underway. 104.78 was the final level that could have inspired a reaction (pullback) before the highs. Focus is now on expansion targets at 108.33 and 110.12.”

-110.12/65 (latter level is the October 2008 high) remains possible but today’s rejection of the high (at a long term reaction level nonetheless) shouldn’t be ignored, especially with gold turning up near 1206.

--Trading ideas are availabletoJ.S. Trade Desk members.

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