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USDJPY Pressing Month Open Price Again

USDJPY Pressing Month Open Price Again

2015-06-24 13:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Failure at long term uptrend resistance indicates potential for an important top to form in USDJPY. Favor the downside as long as price is below 126. A break below 119.50 would set the stage for a drop to the mid 114.00s.

USDJPY is pushing against the month open price (124.10) for the 3rd time in the last 3 weeks. A push above would not negate longer term topping implications but it would weaken the short term dowtrend. Weakness below 123.37 is needed in order to re-instill confidence in near term downside potential.

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