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USDJPY Consolidates – Trend Remains in Place above 8055

By , Sr. Technical Strategist
12 March 2012 20:40 GMT

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Consolidates – Trend Remains in Place above 8055

Prepared by Jamie Saettele, CMT

The USDJPY has broken out to its highest level since late April 2011. The long term chart from Friday is an update to the chart published over 3 years ago in Sentiment in the Forex Market. An extremely bullish 1-2,i-ii count is valid as long as price is above 8055. Support is 8190 and 8135/45. I favor buying dips.

Bottom Line (next 5 days) – sideways / higher

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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12 March 2012 20:40 GMT