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USDJPY Launches off of 61.8 Level to Test Trendline

By , Sr. Technical Strategist
22 May 2012 17:25 GMT

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Launches off of 61.8 Level to Test Trendline

Prepared by Jamie Saettele, CMT

After several days at the 61.8% retracement of the rally from the February low, the USDJPY has rallied impressively and is again contending with the 20 day average and trendline resistance. Above 8055 would break the series of lower highs since the March top and shift focus to 8180. Still, I like jumping the gun on longs with a stop under 7900. 7970/80 is short term support.

LEVELS: 8180 8085 8054 7945

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22 May 2012 17:25 GMT