USD/JPY – Mid-105.00s is a Big Test
Chart Prepared by Jamie Saettele, CMT
-Price action since the June low (Brexit) could end up as a triangle before another leg lower unfolds. Even so, a horizontal level on the chart to pay attention to 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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