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USD/JPY Slammed into Solid Support; 119.60 a Key Near Term Level

USD/JPY Slammed into Solid Support; 119.60 a Key Near Term Level

2015-02-12 20:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Slammed into Solid Support; 119.60 a Key Near Term Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“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 slid below the mentioned 116.40 but did hold the December low. Favor the range with resistance starting near 118.80.”

-Range conditions remain with 119.80-120.70 as resistance and 116.40-117.10 as support.

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