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USD/JPY Support Surrounds 117

USD/JPY Support Surrounds 117

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

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 last week. A sideways pattern could take hold. 116.40-117.20 is a zone to watch for support.

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

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

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