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USD/JPY in a holding pattern ahead of Non-Farm Payrolls

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    During the course of the past three weeks, USD/JPY has plunged to establish a 15-month low around 111.00 support, re-tested that support level to form a potential double-bottom technical pattern, and then fluctuated in a consolidation above those lows. Currently, the currency pair has struggled to climb towards the top of this consolidation, but has been impeded both by technical resistance as well as a continuing sentiment of caution in the global equity markets. This sense of caution lingers

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