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USD/JPY 109.40 is the Near Term Pivot

USD/JPY 109.40 is the Near Term Pivot

2016-05-19 19:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY 109.40 is the Near Term Pivot

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. The rally is underway and 110.60s (former lows and 55 day average) is an area to pay attention to for near term resistance.” USD/JPY is currently trading 110.60 but the break above the 55 day average warrants a constructive outlook. 109.40 is the near term pivot.

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