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USD/JPY Rally Pauses at Former Support Turned Resistance Line

USD/JPY Rally Pauses at Former Support Turned Resistance Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

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

-Previous comments remain valid. “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. The breakout materialized and the rate has reached the underside of former trendline support turned resistance (after the August crash). Any pullbacks / consolidation is viewed within the context of the bullish breakout.

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