Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“Range conditions are firmly entrenched between 101.35 and 103.25.”
-“USDJPY has rebounded from 101.35 to reach trendline resistance. The larger range bias remains but the June high at 102.79 is important because the rate hasn’t broken an important high since April.” USDJPY has turned down sharply from trendline resistance and is back below the 200 DMA. Focus is on the YTD low at 100.75. Above 102.26 would negate.
LEVELS: 100.43 100.74 101.35 | 101.73 101.95 102.18
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