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USD/JPY Former Congestion in Focus from 106.80 to 107.40

USD/JPY Former Congestion in Focus from 106.80 to 107.40

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Former Congestion in Focus from 106.80 to 107.40

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“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.” The high (so far) came in at 110.08 and USDJPY has already retraced last week’s advance but respect upside potential as long as price holds 106.80.

--Trading ideas are availabletoJ.S. Trade Desk members.

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