USD/JPY – Pay Attention to 105.40s
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “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).” The ‘bounce’ is closing in on the mentioned 105. Specifically, 105.40s (January 2014 high, October 2014 low, and May 2016 low) is the area to pay attention to for resistance/a more important behavior change.
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