USD/JPY Thrust into Major Resistance May be Terminal
Chart Prepared by Jamie Saettele, CMT
-The most recent daily comments noted that “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.” A thrust higher developed and the high is in line with the cited resistance. There is risk of a top and reversal now.