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USD/JPY Immediate Prospects Shrouded in Mystery

USD/JPY Immediate Prospects Shrouded in Mystery

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 pulled back from range highs 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.” Be aware of 123 (long term upward sloping median line) as potential resistance if reached.

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.