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USD/JPY Momentum and Price Fail at Key Levels

USD/JPY Momentum and Price Fail at Key Levels

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Momentum and Price Fail at Key Levels

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “the USD/JPY decline since June 2015 has been far from smooth but weakness since the NIRP failure at the end of January is contained within a channel. Since July, a head and shoulders continuation pattern has developed which could send USD/JPY to 92.50. This pattern is valid while price is below 102.66. Strength above 102.66 would trigger a failed pattern and bullish signal.” The bullish signal triggered but the rally failed at trendline resistance. Also, daily RSI failed at the same area it’s failed at all year, which is disconcerting for the bull camp. The outlook is unclear.

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

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