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USD/JPY at Support; Watch for Resistance Near 120.13

Jamie Saettele, CMT

DailyFX.com -

Daily

USD/JPY at Support; Watch for Resistance Near 120.13
USD/JPY at Support; Watch for Resistance Near 120.13

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The next USDJPY upside level of interest would be the 2007 high at 124.13. Typically, one would expect a larger move out of a 3 month consolidation pattern but there are other options (including a more drawn out flat or triangle).”

-“120.60/80 looms as resistance. This zone is defined by late December highs, the January high, support in mid-March, and former slope support.” The high yesterday was 120.84. Watch for resistance now near 120.13.


original source

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