USD/JPY Holds Short Term Support; 102.25/80 Eyed as Resistance

DailyFX

Daily

View photo

.
eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY Holds Short Term Support; 102.25/80 Eyed as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDJPY has dropped into support from range lows. Bigger picture, USDJPY may be in for a downside surprise however. The rally from the February low is corrective and weakness from the March high (after NFP) is impulsive.

-Near term conditions may very well remain of the range variety as a small degree correction plays out. Resistance is estimated at 102.26/80 now. Support is 101.30.

LEVELS: 100.77 101.02 101.33 | 101.80 102.30 102.70

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)