USD/JPY 110.12/65 is a Zone to Watch
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. The short term pattern is clear and weakness below 108.47 would indicate that a deeper decline is most likely underway towards 106.80-107.40.
--Trading ideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.