USD/JPY Year Open Price is a Key Reference Point at 119.88
Chart Prepared by Jamie Saettele, CMT
-“Range expansion objectives from the December and March ranges are 125.72 and 128.12. Be aware of a long term slope level, especially in light of today’s (6/2) outside reversal. Tops formed at this line in March and July 2013. Bigger tops formed following ‘blow-offs’ through the line.”
-“The gap through a minor support line warns of a larger decline in its early stages.” The first big test for this USDJPY decline will be the long term median line (bold black line). In general, the year open price at 119.88 is a useful point of reference too.