USD/JPY Pulls Back from Highest Level Since July 2007
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.