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USDJPY Former Support Now Resistance at 8150

By , Sr. Technical Strategist
17 April 2012 21:18 GMT

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Former Support Now Resistance at 8150

Prepared by Jamie Saettele, CMT

After slipping below the March low, the USDJPY formed an inside day today. Similar to the other Yen crosses, continued short term strength faces resistance at 8120 (Monday high) and former support at 8154. The 20 day average and short term trendline resistance come into play at slightly higher levels. I’ll wait to see how price acts at 8150 (if reached) before deciding whether or not to act on the longer term bullish bias again.

Bottom Line (next 5 days) – ?

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17 April 2012 21:18 GMT