USD/JPY Bouncing along Downtrend Support Line

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Chart Prepared by Jamie Saettele, CMT

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-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).

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