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USD/JPY Fools Around at Former Support

USD/JPY Fools Around at Former Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Fools Around at Former Support

Chart Prepared by Jamie Saettele, CMT

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

-Long standing comments remain relevant; USD/JPY “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.” USD/JPY has rallied from 116 to 119. The area around 119 was support for prolonged stretches in 2015 and failure to push above the figure the last 2 weeks is viewed in a bearish light.

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

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