USD/JPY Bearish Outside Day Reversal
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“USDJPY held up into the New Year but dipped below channel support last week. A sideways pattern could take hold. 116.40-117.20 is a zone to watch for support.”
-“The rate slid below the mentioned 116.40 but did hold the December low. Favor the range with resistance starting near 118.80.”
-Range conditions remain with 119.80-120.70 as resistance and 116.40-117.10 as support. Today’s (3/3) outside day along with the Nikkei 225 (USD) reaction at a huge level could trouble near term.