News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY 108.20/87 is Significant Resistnace

USD/JPY 108.20/87 is Significant Resistnace

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

USD/JPY 108.20/87 is Significant Resistnace

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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.”

-Former resistance at 105.43 served as support last week and USDJPY has already reached the 61.8% retracement of the decline. Another down leg is favored given the impulsive nature of the drop. Resistance extends from the current level to 108.87.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES