USD/JPY 102.30/50 is Resistance for FOMC

By DailyFx | June 17, 2014 AAA

DailyFX.com -

Daily

USD/JPY 102.30/50 is Resistance for FOMC

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“102.35 (lower highs) remains important to the possibility of a breakdown but last Wednesday’s outside day reversal at the 200 day average and (just as important) the next Thursday’s follow through on that reversal puts a dent in prospects for an immediate breakdown and leaves range conditions firmly entrenched between 101.35 and 103.25.”

-“The rally from the May low consists of 2 equal legs which warns of weakness from here. 101.35 is possible support.”

LEVELS: 100.74 101.35 101.85 | 102.35 102.70 103.01

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

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center