USD/JPY Just Under May-July Trendline Before BoJ
Chart Prepared by Jamie Saettele, CMT
-There is no change to USD/JPY comments before BoJ. “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 but strength above the trendline would be viewed in a bullish light.” USD/JPY action of late is ‘sneaky bullish’. Price found support on 9/7 at the top side of a parallel (former resistance providing support). Strength above the May-July trendline is still needed to suggest that USD/JPY is a bull.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.