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USD/JPY Faces Resistance Up to 120.20

USD/JPY Faces Resistance Up to 120.20

Jamie Saettele, CMT, Sr. Technical Strategist


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.”

-USDJPY held up into the New Year but dipped below channel support this week. A sideways pattern could take hold. 120.20/50 may provide resistance.

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

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