New Zealand Markets closed

USD/JPY Key Short Term Pivot is 120.65

Jamie Saettele, CMT -


USD/JPY Key Short Term Pivot is 120.65

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The next USDJPY upside level of interest would be the 2007 high at 124.13. Typically, one would expect a larger move out of a 3 month consolidation pattern but there are other options (including a more drawn out flat or triangle). Near term, support is estimated down to about 119.50 and weakness below there would raise the specter of at least a broader period of ranging (between 122 and 115).

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.