USD/JPY – Pay Attention to 108.50s

Daily

Chart Prepared by Jamie Saettele, CMT

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-Heads up on 108.55 (channel and 200 day average) as per recent remarks but if that level gives then the cross may be in for a run at the post-election gap at 106.60. “USD/JPY ended up rolling over between 111.60 and 112.60 (high was 112.20). The rally failing in the middle of congestion doesn’t bode well for near term upside. Failure to gain traction now (above this parallel) opens up 108.55.”