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USD/JPY Consolidates below Old Support

USD/JPY Consolidates below Old Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Consolidates below Old Support

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/risk opportunities, as outlined in the popular TOST series.

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

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