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Jamie's Pick: 05/17/11

Jamie's Pick: 05/17/11

2011-05-17 15:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The USDJPY has broken to a new high for May which suggests that the low for the month is in place at 7956 (as per the tendency for the high OR low for the entire month to register during the first 5 days of the month). When combined with the fact that the USDJPY low was just below its 61.8% retracement of the rally from the March low, it is likely that an important secondary low is in place.

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