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USD/JPY at 55 Day Average; Sub-112.00 Looks Big

USD/JPY at 55 Day Average; Sub-112.00 Looks Big

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “114.50/80s has been importance since last February. Weakness below there could see this really unwind…Look lower as long as price is below but beware the 55 day average for support (was resistance throughout 2016).” USD/JPY has reached the 55 day average. Even so, there is no suggestion from price that the drop is complete. Strength through 116.00 is needed in order to relieve downside pressure.

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

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