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USD/JPY Rallies for 6th Consecutive Day

USD/JPY Rallies for 6th Consecutive Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Rallies for 6th Consecutive Day

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.”

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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