USD/JPY Tight Coil Could Lead to a False Move

Daily

Chart Prepared by Jamie Saettele, CMT

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-“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.”

-“For the first time since October, USDJPY is below the long term median line, which could end up as resistance at some point. The lower parallel (support in 2014) could still provide support below 116…if it doesn’t then USDJPY is at risk of heading back to 100 (former 4th wave… see the count).”

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