USD/JPY Post-Brexit Bounce Goes Poof; 102.20 is a Reference Point
Chart Prepared by Jamie Saettele, CMT
-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 approach 105. Nothing on the long side is worth a shot until/unless the rate stabilizes above 102.20 (Brexit day close).