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USD/JPY Turns Up Following Momentum Divergence on the Daily

USD/JPY Turns Up Following Momentum Divergence on the Daily

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The major topping pattern is still in play (target from the head and shoulders top is near 105) but a move higher from now wouldn’t surprise given pronounced divergence with daily RSI and the fact that last week’s low was at a well-defined price level (the 2008 high…among other things…read more here). Even a rally into the 118.00s could still be classified as a bear market rally.

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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