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USD/JPY 107.60-108.20 Serves as Key Resistance Zone

USD/JPY 107.60-108.20 Serves as Key Resistance Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

USD/JPY 107.60-108.20 Serves as Key Resistance Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“5 waves up from the 2011 low are counted which raises the risk of a sharp reversal lower from the trendline that extends off of the 2001 and 2007 highs. 106.80 (reached today) and 105.40 are reaction levels for bounces. 107.50-108.20 is resistance and the near term picture is bearish below 108.80.”

-USDJPY has traded into and responded to the December high at 105.43. Several days of consolidation may be in store before the decline resumes. 107.60-108.20 is estimated at resistance.

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

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