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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


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.

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.