USD/JPY Fools Around at Former Support
Chart Prepared by Jamie Saettele, CMT
-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.
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