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USD/JPY Pinned to Well-Defined 112.30 before NFP

USD/JPY Pinned to Well-Defined 112.30 before NFP

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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).

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.