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Japanese Yen Channel is Key

By Jamie Saettele, CMT, Sr. Technical Strategist
03 September 2010 14:37 GMT

Daily Bars

eliottWaves_nzd-usd_body_100903_090041_CQG_IC_Screen.png, Japanese Yen Channel is Key

Prepared by Jamie Saettele

Focus remains on the all time low just below 8000 (1995 low) for the USDJPY. A multi month channel defines the near term trend but RSI divergence on the daily (multiple times over the past several months) warns of a reversal. That channel is at 8550 today and decreases 10 pips/day.

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03 September 2010 14:37 GMT