USD/JPY Confluence Could Provide Support Near 120
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. Barring a break above 122, continue to favor the broad triangle or flat idea from the Dec high. Beware of support near 120.10
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