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