Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
–USDJPY has responded to the previously uncovered close from Oct 2008 at 105.30 (high was 105.43). In fact, an outside day reversal unfolded on 1/2. Wednesday’s rally failed after a poke above 105.00.
-Failure to hold Monday’s low (103.90) could open up the ‘spigot’ and send prices tumbling to 102.50 or 101.50. I’m tracking a possible topping pattern in the SP 500 as well.
Trading Bias: Flat
LEVELS: 103.37 103.90 104.21/47 | 105.05 105.39 106.13
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com