USD/JPY Responds to Clean Resistance Level
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).”
-“Watch for resistance now near 120.08.” Today’s high was 120.09. The risk is lower as long as price is below Thursday’s high. 119.16 could provide support within the range. A break below 118.30 would set an objective at 117.14.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.