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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

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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

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

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