USD/JPY Trendline is Near 113.00 for FOMC
Chart Prepared by Jamie Saettele, CMT
-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 and it’s been straight up since then. The upper channel line is near 113.00 on Wednesday (FOMC) and is a level that might induce near term failure.
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