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USD/JPY 109.40 is the Near Term Pivot

USD/JPY 109.40 is the Near Term Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.

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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