USD/JPY Faces Resistance Up to 120.20
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.”
-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.
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