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USD/JPY Plunges from Former Support; Watch 107.60s

USD/JPY Plunges from Former Support; Watch 107.60s

2016-06-02 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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.

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