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USD/JPY 110.60s in Focus

USD/JPY 110.60s in Focus

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY 110.60s in Focus

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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.” The rally is underway and 110.60s (former lows and 55 day average) is an area to pay attention to for near term resistance.

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.

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