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USD/JPY – Area around 116.00 Still a Useful Pivot

USD/JPY – Area around 116.00 Still a Useful Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY – Area around 116.00 Still a Useful Pivot

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-USD/JPY has been a bucking bronco intraday since turning over on the first trading of the year. Recall that the high is at a trendline so respect potential for more downside. Despite the intraday noise, there are some levels to pay attention to. 116.00 and just above has been important since August 2015. Strength through 116.00 relieves downside pressure. Similarly, 114.50/80s has been importance since last February. Weakness below there could see this really unwind.

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

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