USD/JPY Inching Towards a ‘Trouble’ Area
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).”
-“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 recent high was 120.84. Watch for resistance now near 120.08.
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