USD/JPY Contained by Short Term Channel For Now
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).”
-2015 is eerily similar to 2014 thus far as the range continues to contract. Continue to favor the broad triangle or flat idea from the Dec high. Both (possible) patterns point lower from here.
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