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USD/JPY Rallies for 6th Consecutive Day

USD/JPY Rallies for 6th Consecutive Day

Jamie Saettele, CMT, Sr. Technical Strategist


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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.