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USD/JPY – Short Term Hurdles at 111.60 and 112.60

USD/JPY – Short Term Hurdles at 111.60 and 112.60

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/JPY – Short Term Hurdles at 111.60 and 112.60

Chart Prepared by Jamie Saettele, CMT

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-I wrote in the last update that “the current level isn’t a bad one to look for a turn higher. Parallels that relate to the trendline from the Brexit low are being tested. Failure to hold here open up 108.55.” USD/JPY has turned up. A close over February closing lows at 111.62 and 111.92 would increase confidence that a decent low is in place. The former level is being tested now and January lows near 112.60 still present a hurdle.

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