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USD/JPY Rebounds from Channel Support

USD/JPY Rebounds from Channel Support

2014-12-16 17:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Rebounds from Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDJPY has reached touched its 20 DMA for the first time since late October. Conditions are much more extreme than they were last year at this time but the 20 DMA propelled USDJPY higher last December before the big January decline.”

-“The ‘snap back’ rally is nearing the retracement zone of 119.64-120.16. Rejection within this zone would warn of another leg lower towards 115.44 or 113.85.” USDJPY topped at 119.55 on Tuesday and today’s low at 115.55 may be ‘the’ low for another rally attempt.

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

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