USD/JPY 104.20/50 is Possible Support but Warning Signs Surface

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eliottWaves_usd-jpy_1_body_Picture_6.png, USD/JPY 104.20/50 is Possible Support but Warning Signs Surface

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDJPY has responded to the previously uncovered close from Oct 2008 at 105.30 (high was 105.43). In fact, an outside day reversal unfolded on 1/2. Wednesday’s rally failed after a poke above 105.00.

-Failure to hold Monday’s low (103.90) could open up the ‘spigot’ and send prices tumbling to 102.50 or 101.50. I’m tracking a possible topping pattern in the S&P 500 as well.

Trading Bias: Flat

LEVELS: 103.37 103.90 104.21/47 | 105.05 105.39 106.13

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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