News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Erases April Rally; H&S Target is Still Lower

USD/JPY Erases April Rally; H&S Target is Still Lower

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Erases April Rally; H&S Target is Still Lower

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last USD/JPY noted “be aware of reversal warning signs, including divergence with gold (not at a new high), and divergence with the Nikkei 225 (not at a new low). USD/JPY turned up sharply. Today’s dip found support at 110.66 (March low), which is promising for near term continuation.” Today’s drop obviously negates the ‘promise for near term continuation higher’. Withstanding extreme short term volatility, focus is back on a 105 handle (January 2014 high, October 2014 low, and head and shoulders target).

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.

DISCLOSURES