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USD/JPY Pause on the Way to 200 Day Average?

USD/JPY Pause on the Way to 200 Day Average?

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-USD/JPY made a daily key reversal today so a triangle leg could be complete. Remember, “price action since the June low (Brexit) could end up as a triangle before another leg lower unfolds.” Even so, the more important level on the chart is the May low at 105.55. A close above that price would be seen as evidence of a broader structural shift in which case focus would shift towards the 200 day average and July high near 107.50.

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

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