Japanese Yen Support (USDJPY Resistance) is 8250-8300
480 Minute Bars
Prepared by Jamie Saettele
“One can view the USDJPY action since November as consolidation prior to a continuation of weakness or a basing pattern that will lead to a break higher.” The surge earlier this month suggested that the resolution would be bullish but that’s why it’s dangerous to jump the gun. This decline has me thinking that the pattern from the November low is a bearish triangle. Coming under 8110 would confirm an intra month reversal. 8250-8300 is resistance.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.