Chart Of The Day: USD/JPY
Blake Morrow | May 24, 2022 07:24PM ET
A couple reasons USD/JPY will continue lower:
- The double top target from the 131.35 highs from April and May targets the 125.80 level.
- The breakout point and previous highs from June 2015 is at 125.85 as well, it should act as a magnet.
Near term, the descending channel support also comes in around there, and with 10-year yields dropping, this level may come into view overnight. If this is the case, those of you who are JPY bears may have an opportunity for some USD/JPY longs.
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