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USD/JPY Rally Fails at Former Support

USD/JPY Rally Fails at Former Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Rally Fails at Former Support

Chart Prepared by Jamie Saettele, CMT

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

-The most recent comments were that 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.” The rally into the 200 day average and former slope support (October 2014 low, August 2015 low, and October 2015 low) was a gift to those looking at positioning on the short side.

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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