USD/JPY Responds to Late March High
Chart Prepared by Jamie Saettele, CMT
-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. Ultimately, the floor from late 2014 to early 2016 (115.50-116.00) could provide major resistance. The reaction lower from the late March high thus far held the May high (111.44). The near term pic is positive whilst above that price.
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