USD/JPY at Range Lows; Failure to Hold Would Open Up 114.00/50
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.”
-The rate is just below the mentioned 116.40 but still holding the December low. Failure to hold here would open 114.00/50 (127.2% of December rally at 114.13 and 2 legs down from the high at 114.54) but favor the range as long as it holds.
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