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USDJPY Bull Trend Still in Force

USDJPY Bull Trend Still in Force

2012-03-27 14:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

USDOLLAR – The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) formed a key reversal on the 240 minute chart that ended at 9 am EST today (Tuesday). This is a sign that price is stabilizing and perhaps reversing. This morning’s low occurred at the 2/22 high (former resistance) to the pip as well.

USDJPY_Bull_Trend_Still_in_Force_body_usdollar.png, USDJPY Bull Trend Still in Force

Prepared by Jamie Saettele, CMT

USDJPY – Many analysts and traders, new and experienced alike, tend to overcomplicate Elliott wave analysis to the point of paralysis. The most important observations are usually the most basic, such as identification of 3 and 5 wave movements. A 3 wave movement indicates corrective movement and will probably be retraced (there are no certainties). The USDJPY decline from the top is in 3 waves. The low was identified in real time via Twitter @JamieSaettele last week. Stops can be moved up to 8260 and the objective is a new high.

USDJPY_Bull_Trend_Still_in_Force_body_usdjpy.png, USDJPY Bull Trend Still in Force

Prepared by Jamie Saettele, CMT

EURJPY – Continue to look higher towards channel resistance and maybe even the 61.8% retracement of the decline from the 2011 high at 11327. I am on the lookout for a top and reversal NEXT WEEK.

USDJPY_Bull_Trend_Still_in_Force_body_eurjpy.png, USDJPY Bull Trend Still in Force

Prepared by Jamie Saettele, CMT

GBPJPYContinue to look higher towards the Fibonacci confluence in the mid 13400s and the 5/30/11 high at 13511. I am on the lookout for a top and reversal NEXT WEEK.

USDJPY_Bull_Trend_Still_in_Force_body_gbpjpy.png, USDJPY Bull Trend Still in Force

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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