Chart Prepared by Jamie Saettele, CMT
-I wrote in the last USD/JPY update that “a close over February closing lows at 111.62 and 111.92 would increase confidence that a decent low is in place. The former level is being tested now and January lows near 112.60 still present a hurdle.” USD/JPY ended up rolling over between 111.60 and 112.60 (high was 112.20). The rally failing in the middle of congestion doesn’t bode well for near term upside but price is still hanging on to a parallel and holding the psychological 110.00 (tough to be bearish into that level). Failure to gain traction now (above this parallel) opens up 108.55.