USD/JPY Outside Day Reversal Warns of Pullback

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

–USDJPY poked above the 5/22 close of 103.15 (daily closing high for 2013) before an outside day reversal unfolded.

-Former highs at 101.52 and 100.60 are now possible supports, especially 100.60-101.10. Resistance before the high is 102.80.

Trading Strategy: Trailed out of the rest of USDJPY longs at 102.20. I’m flat at the moment.

LEVELS: 101.14 101.52 101.90 | 102.80 103.73 105.31

— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com