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USD/JPY Bouncing along Downtrend Support Line

USD/JPY Bouncing along Downtrend Support Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Bouncing along Downtrend Support Line

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The head and shoulders objective was finally reached at 115.26. I wrote in the last update to “de aware of 103.74 (May 2013 high) as a level in the event of a new low.” USDJPY ‘panicked’ into the level after BoJ last weel before stabilizing. There are also downtrend support lines at the low. In other words, the rate could attempt to form some sort of a low here. If it doesn’t then there is probably nothing of note until 100.75-101.26 (2014 low, 1999 low).

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

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