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USD/JPY In for a Test of 103.70s?

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USD/JPY In for a Test of 103.70s?

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “the 105 handle is huge for USD/JPY. The head and shoulders target is 115.26. The October 2014 low is 105.19 and the January 2014 high is 105.44. A rally from such a well-defined level would not be a surprise. The rally is underway and 110.60s (former lows and 55 day average) is an area to pay attention to for near term resistance.” USD/JPY broke through (slightly) former lows and the 55 day average, fooling me into a bullish mindset in the process. The plunge obviously wipes out anything constructive for now. Be aware of 103.74 (May 2013 high) as a level in the event of a new low.

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