USD/JPY Coiling at Midpoint of Horizontal Structure

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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. The Nikkei broke important horizontal resistance today and is just under its trendline. If that breaks, it could take USD/JPY with it.

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