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USD/JPY Long Term Support Line is at Recent Low (120.34)

USD/JPY Long Term Support Line is at Recent Low (120.34)

2015-12-22 21:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Long Term Support Line is at Recent Low (120.34)

Chart Prepared by Jamie Saettele, CMT

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

-Recent USD/JPY comments read “the breakout has stalled at former support (the line that extends off of the early 2015 lows). The rally from the August low also consists of 2 equal waves so it’s possible that the rally is done. Below 121.70 would suggest as much. Until then, respect upside.” USD/JPY broke lower (currently around 121.70) which opens up another run at the critical support line (was support in August and October) near 120.34.

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

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