USD/JPY 112.30s is a Short Term Level to Pay Attention To
Chart Prepared by Jamie Saettele, CMT
-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. Near term, be aware of 112.30s for support (61.8% of recent rally and Fall 2014 BoJ gap).