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USD/JPY In for a Drawn Out Corrective Period?

USD/JPY In for a Drawn Out Corrective Period?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY In for a Drawn Out Corrective Period?

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).

-The contraction in volatility is reminiscent of 2014. As such, track developments within the context of price action from that time period.

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

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