USD/JPY Pinned to Well-Defined 112.30 before NFP
Chart Prepared by Jamie Saettele, CMT
-Recent comments remain valid. “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 the recent low was at a well-defined price level (the 2008 high…among other things…read more here).” Near term, the rate continues to trade around 112.30 (61.8% of recent rally and Fall 2014 BoJ gap). Like gold, price action since 2/11 may end up as a triangle before a thrust in the direction of the broader trend (in this case down).