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USD/JPY Breaks Long Term Bullish Line

USD/JPY Breaks Long Term Bullish Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Breaks Long Term Bullish Line

Chart Prepared by Jamie Saettele, CMT

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

-The uptrend that USD/JPY enjoyed since the December 2012 breakout is over. Today’s (1/7) weakness resulted in a break below the lower parallel of the Andrew’s structure that defined the entire move. Don’t forget that the cross topped nearly 7 months ago at an even longer term trendline. All of this doesn’t mean that USD/JPY can’t or won’t experience rallies. All of this does mean that rallies should be sold. Be patient and seek high reward/risl opportunities, as outlined in the popular TOST series.

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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