USD/JPY Former High Acting as Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“5 waves up from the 2011 low are counted which raises the risk of a sharp reversal lower from the trendline that extends off of the 2001 and 2007 highs. 106.80 (reached today) and 105.40 are reaction levels for bounces. 107.50-108.20 is resistance and the near term picture is bearish below 108.80.”
-USDJPY has traded into and responded to the December high at 105.43. Several days of consolidation may be in store before the decline resumes.
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