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USDJPY Putting 20 Day Average to Test as Resistance

By , Sr. Technical Strategist
29 May 2012 20:02 GMT

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Putting 20 Day Average to Test as Resistance

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.” The USDJPY continues to hold up and the bullish pivot is now 8015.

LEVELS: 7830 7900 7970 8015 8060 8150

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29 May 2012 20:02 GMT