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USD/JPY Post-Brexit Bounce Goes Poof; 102.20 is a Reference Point

USD/JPY Post-Brexit Bounce Goes Poof; 102.20 is a Reference Point

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Post-Brexit Bounce Goes Poof; 102.20 is a Reference Point

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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).

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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