USD/JPY Consolidates Under 8 Year High
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The next USDJPY upside level of interest would be the 2007 high at 124.13. Typically, one would expect a larger move out of a 3 month consolidation pattern but there are other options (including a more drawn out flat or triangle). Near term, support is estimated down to about 119.50 and weakness below there would raise the specter of at least a broader period ranging.
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