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Jamie's Pick: 02/14/12

Jamie's Pick: 02/14/12

Jamie Saettele, CMT, Sr. Technical Strategist

The USDJPY has soared to take out the November-January highs and is nearing the trendline that extends off of the 2008 and 2010 highs. That line is at about 7870 this week and a pop above would shift focus to the October intervention high at 7953. Support is now 7780-7820. The nature of the USDJPY rally (gradual rather than a spike) suggests that this move is sustainable.

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