USD/JPY Trades Through Early Month Low; 101.35 Could Support

By DailyFx | Updated July 30, 2014 AAA

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USD/JPY Trades Through Early Month Low;  101.35 Could Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“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.” 101.35 is in focus at this point…that level is still support.

LEVELS: 100.43 100.75 101.35 | 101.85 102.11 102.50

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

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