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USD/JPY – Trouble Seen Up to 106.80

USD/JPY – Trouble Seen Up to 106.80

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY – Trouble Seen Up to 106.80

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last USD/JPY update noted that “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). 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.” USD/JPY has traded through 105.40 but it’s probably not ‘all clear’ until above the pre-Brexit high of 106.80. A period of congestion may be in store given the importance of the price level.

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

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