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USD/JPY Mid-June High Providing a Ceiling for Now

Jamie Saettele, CMT

DailyFX.com -

Daily

USD/JPY Mid-June High Providing a Ceiling for Now
USD/JPY Mid-June High Providing a Ceiling for Now

Chart Prepared by Jamie Saettele, CMT

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

-“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.”

-“The gap through a minor support line warns of a larger decline in its early stages.” A bigger top is still possible but the break above short term resistance negates a short term bearish outlook. Watch 121.85 for support now.

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original source

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