The long term USDJPY inverse head and shoulders breakout the week that ended 12/14 has led to immediate gains. The traditional measuring technique yields an objective of about 9362. Currently testing upward sloping channel resistance and the 100% extension of the rally from the record low (I’m interested to see how the week closes), this would be a good time for some consolidation. 8520 is of interest as support…ESPECIALLY if on a news spike (fiscal circus anyone?).
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com To contact Jamie e-mail firstname.lastname@example.org.
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Jamie is the author of Sentiment in the Forex Market.