USD/JPY Mid-114.00s Break is Important
Chart Prepared by Jamie Saettele, CMT
-“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.” We’re just under 114.50/80 as I type. The level was resistance last February/March and resistance then support in December. Look lower as long as price is below but beware the 55 day average for support (was resistance throughout 2016).
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