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USD/JPY – Pay Attention to 116.10 Now

USD/JPY – Pay Attention to 116.10 Now

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “it’s only appropriate that 12/15 was a minor top after I’d expressed bewilderment with respect to the move being ‘extreme’. The high was not quite re-tested and a trendline has influenced so expressing a USD/JPY bearish view isn’t the dumbest thing in the world anymore.” ‘Not the dumbest thing’ turned into the biggest 1 day drop since 8/2. The chart reveals that just above 116.00 has been important since August 2015. Use that level as a dividing line.

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