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USD/JPY Headed for a Test of the Breakdown Level?

USD/JPY Headed for a Test of the Breakdown Level?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Headed for a Test of the Breakdown Level?

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“A major topping pattern has completed in USD/JPY. The target from the pattern resides near 105, which would result in a move back to the October 2014 low. There are of course levels of interest before that point, notably the gap from 2014 at 112.31.” Daily closing lows are 112.16 and 112.42 (close to 112.31). If 105 is in play then the breakdown zone (starting mid-115.00s) should provide resistance.

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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