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USD/JPY Responds to Clean Resistance Level

USD/JPY Responds to Clean Resistance Level

2015-04-23 16:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Responds to Clean Resistance Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The next USDJPY upside level of interest would be the 2007 high at 124.13. Typically, one would expect a larger move out of a 3 month consolidation pattern but there are other options (including a more drawn out flat or triangle).”

-“Watch for resistance now near 120.08.” Today’s high was 120.09. The risk is lower as long as price is below Thursday’s high. 119.16 could provide support within the range. A break below 118.30 would set an objective at 117.14.

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