After months of trending higher, the Japanese Yen may be stalling. I wrote about this last month, specifically as it related to a potential USDJPY bottom.
Today, I’d like to revise the USDJPY chart and provide an update.
After watching the USDJPY rally off the 107 and change level, the probability favors that a USDJPY low is in place. The next key test to the upside will be the resistance area in/around 111ish. A breakout above this level may confirm that a USDJPY bottom is in place. Read my prior post for more about risk levels, etc…
USDJPY Dollar/Yen Currency Cross Chart
How this shakes out will likely affect the currency markets here in 2016 (amonst others). Thanks for reading and good luck out there.
More from Bart: Coffee Futures Update: Big Rally Coming If Lows Hold
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
