USD/JPY in Consolidation Mode; Trading around 2014 BoJ Gap
Chart Prepared by Jamie Saettele, CMT
-“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. Yen traders may be interested in knowing Nikkei levels (see video on that here).