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USD/JPY Pulls Back from Highest Level Since July 2007

USD/JPY Pulls Back from Highest Level Since July 2007

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 took out the December high before retreating. The next upside level of interest would be the 2007 high at 124.13 but the wick on today’s candle raises the possibility of a false breakout. Weakness below 120.48 (2/11 high) would lend credence to a reversal scenario.

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