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USD/JPY Former Support (May Low) Provides Resistance

USD/JPY Former Support (May Low) Provides Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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.” High for the move thus far is 105.53 which keeps the triangle idea intact. In other words…lower from here.

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