USD/JPY Makes a Mockery of 116.00
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.” The former floor was resistance…for a day. The no-pullback rally has resumed. The move is extreme but I don’t know what that means anymore. 2015 support levels to be aware of are 118.33 (already hit) and 120.40.