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USD/JPY Breakout; Under 120 Negates

USD/JPY Breakout; Under 120 Negates

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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

-Previous comments were that “USD/JPY continues to press range highs as long term slope support continues to hold (line pinpointed the October 2014 and 8/24/15 ‘crash’ lows). It’s tough to be bearish for anything other than short term pullbacks as long as this line holds.” At this point, the upside is favored as long as price is above 120 (recent pullback low is 120.15).

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.

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