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USD/JPY Could Run into Trouble at 120.60/80

USD/JPY Could Run into Trouble at 120.60/80

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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).”

-120.60/80 looms as resistance. This zone is defined by late December highs, the January high, support in mid-March, and former slope support.

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

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