News Column

USD/JPY 102.20 is Important to Near Term Bear Case

May 12, 2014

Jamie Saettele, CMT

Daily

USD/JPY 102.20 is Important to Near Term Bear Case

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



-"USDJPY has rebounded from the line that extends off of the February and 3/14 lows. The rally from the February low channels in a corrective manner and makes 104.12 important from a bigger picture bearish perspective." Friday's action makes 103.01 the new important level.



-The rate is sitting on a support shelf. If a breakdown is near, then expect resistance from 102.20 (there now).



LEVELS: 101.19 101.56 101.84 | 102.18 102.40 102.77

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




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Source: DailyFx


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