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USD/JPY at Support; Watch for Resistance Near 120.13

USD/JPY at Support; Watch for Resistance Near 120.13

Jamie Saettele, CMT, Sr. Technical Strategist


USD/JPY at Support; Watch for Resistance Near 120.13

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.” The high yesterday was 120.84. Watch for resistance now near 120.13.

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