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USD/JPY 5 Days Up; 102.50/70 is Still a Reaction Zone

Jamie Saettele, CMT

Daily

eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY 5 Days Up; 102.50/70 is Still a Reaction Zone
eliottWaves_usd-jpy_body_Picture_6.png, USD/JPY 5 Days Up; 102.50/70 is Still a Reaction Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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.

-The bond market reversal today requires that we consider something more bullish in USDJPY. 102.70 is a reaction level but a better tell might not come until 103.05/26.

LEVELS: 101.19 101.63 102.12 | 102.50 102.70 103.20

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

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original source

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