USD/JPY Slope Support to the Rescue (Same one as in August)
Chart Prepared by Jamie Saettele, CMT
-From a long term perspective, USD/JPY back to 100 isn’t all that difficult to imagine (former 4th wave…see the count). The rate found support today (10/15) from the parallel extends off of the October 15th, 2014 low (10/15 must be a popular day to sell Yen). This line also pinpointed the 8/24/15 crash low. It’s tough to be bearish as long as this line holds.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.