Daily

USD/JPY Near Term Levels Playing Out with Precision

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“114.80-115.10 should be watched for resistance”. USD/JPY topped in the zone on Wednesday (55 day average there too). From here, I’d watch for a higher low (above 111.58) to form as per prior comments regarding RSI. “The turn higher is viewed as sustainable for several reasons. First, price turned up from a well-defined price level. Second, daily RSI turned up from near 40, which is consistent with either bullish resumption of the bottom of a range. In contrast, bear market rallies turn up from deeply oversold conditions and are quickly retraced.”