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Japanese Yen Pattern Suggests Sharp Moves Ahead

By , Sr. Technical Strategist
06 February 2012 23:33 GMT

60 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Pattern Suggests Sharp Moves Ahead

Prepared by Jamie Saettele, CMT

With the potential for intervention, bullish price action piques my interest. The rally from the 2/2 low is an impulse therefore longs are favored on pullbacks into support between 7635/50. Risk on longs is minimal at 7600 (under 2/1 low).

Bottom Line – long, stop 7600, target open

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06 February 2012 23:33 GMT