USD/JPY Old Support Line Provides Resistance
DailyFX.com -
Daily
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).” USDJPY found support near the mentioned level…look higher as long as price is above 119.60.
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.