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USD/JPY Plunges from Former Support; Watch 107.60s

USD/JPY Plunges from Former Support; Watch 107.60s

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Plunges from Former Support; Watch 107.60s

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 broke through (slightly) former lows and the 55 day average, fooling me into a bullish mindset in the process. The plunge obviously wipes out anything constructive for now but watch what happens in the 107.60s.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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