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USD/JPY Pokes above Mid-June High and Reverses

USD/JPY Pokes above Mid-June High and Reverses

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Pokes above Mid-June High and Reverses

Chart Prepared by Jamie Saettele, CMT

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

-“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.” A bigger top is still possible but the break above short term resistance negates a short term bearish outlook. Watch 121.85 for support now.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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