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USD/JPY Consolidation Sets Stage for Another Thrust

USD/JPY Consolidation Sets Stage for Another Thrust

2016-12-08 21:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Consolidation Sets Stage for Another Thrust

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-A tight consolidation has developed from the 11/30 high. This action follows a strong move higher so the coil is viewed as setting the stage for the next thrust higher. “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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