USD/JPY 109 is a Possible Reaction Level

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I wrote in the last update that “USD/JPY is testing the 200 day average right now…this is the first such occurrence since NIRP (1/29). A trendline comes in near 108.00. Strength through the trendline would indicate a major behavior change.” Major behavior change indeed. A channel is being put to the test right now. IF the advance stalls, then pay attention to the July high at 107.50. Look to the weekly for upside levels.