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USD/JPY 123.00 is the Signal Price

USD/JPY 123.00 is the Signal Price

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.”

-“A bigger top is still possible but the break above short term resistance negates a short term bearish outlook.” USDJPY has completed a head and shoulders continuation pattern with an objective of 128.47. Whether the market makes good on this is unknown. The pattern can fail but reward/risk is asymmetric for bulls against 123. A drop below there would trigger a failed pattern…and signal in the other direction (short).

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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