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USD/JPY Responds to Late March High

USD/JPY Responds to Late March High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY Responds to Late March High

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. 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.

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

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