USD/JPY Confluence Could Provide Support Near 120
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).”
-2015 is eerily similar to 2014 thus far as the range continues to contract. Barring a break above 122, continue to favor the broad triangle or flat idea from the Dec high. Beware of support near 120.10
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.