USD/JPY Reaches 61.8% of Decline from 1998 High
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“A decent reaction on Monday could be the beginning of something bigger on the downside but a break of 115 is needed to indicate as much. Until then, Fib levels of interest are 118.59 (88.6% of decline from 2007), and 120.11 (61.8% decline from 1998).”
-USDJPY reached 120.11 today. This is the last Fib level (at least the last one I’ll pay any attention to) before the 2007 high at 124.13. If there long term trend is going to pause (and a drop could be sharp), then this is the place for it to happen.
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