USD/JPY Rallies for 6th Consecutive Day
Chart Prepared by Jamie Saettele, CMT
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-USD/JPY has gone straight up since hitting support. The 55 and 200 day averages (which just made a bearish cross) are in the 120.80-121 zone and could provide resistance but as mentioned previously, “…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.”
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