USD/JPY Rebounds from Channel Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.