USD/JPY Hovering above Giant Support
Chart Prepared by Jamie Saettele, CMT
-The 105 handle is huge for USD/JPY. The head and shoulders target is 115.26. The October 2014 low is 105.19 and the January 2014 high is 105.44. A rally from such a well-defined level would not be a surprise. Former lows at 107.60 would be initial resistance in the event of a bounce although the significant of support down here probably necessitates a more important rally attempt.