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USD/JPY is Holding Downtrend Support on a Daily Close Basis

USD/JPY is Holding Downtrend Support on a Daily Close Basis

2016-06-28 20:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY is Holding Downtrend Support on a Daily Close Basis

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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).” USD/JPY spiked lower post-Brexit to November 2013 levels (broke the 2014 low…gold did not break it’s 2014 high FYI) but continues to hold downward sloping channel support on a daily closing basis. Even a ‘bounce’ could reach mid-105.00s.

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