USD/JPY Breakdown; Be Aware of October 2014 High at 110.09
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.” The breakdown zone was never even tested and USDJPY has broken sharply from a 2 month triangle pattern. The objective from the pattern break is 107.06 (above the longer term 105 target but in the same area code).
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