USD/JPY Consolidation or Top?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Range conditions are no more as momentum suggests that a new bull leg is underway. 104.78 was the final level that could have inspired a reaction (pullback) before the highs. Focus is now on expansion targets at 108.33 and 110.12.”
-110.12/65 (latter level is the October 2008 high) remains possible but today’s rejection of the high (at a long term reaction level nonetheless) shouldn’t be ignored, especially with gold turning up near 1206.
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