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USD/JPY Rally Stalls at February Low

USD/JPY Rally Stalls at February Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-The Q2 USD/JPY forecast has called the low so far. That forecast remarked that “108.30/81 intersects with the developing channel from the January high in mid-April. The channel is important because if the decline from January is corrective then price shouldn’t trade below the lower channel boundary for any extended length of time.” Low thus far is 108.12 on April 17th. The 2 legs of the drop from January are nearly identical in length and form by the way. Pay attention to 110.10 (former lows) for support.

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

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