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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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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