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Yen Early Month Levels Produce Pivots

Yen Early Month Levels Produce Pivots

2012-04-03 12:55:00
Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

S&P – 5 waves down from the 3/27 high and the subsequent 3 wave recovery give scope to a sharp 3rd wave decline from current levels.

Yen_Early_Month_Levels_Produce_Pivots__body_spx.png, Yen Early Month Levels Produce Pivots

Prepared by Jamie Saettele, CMT

USDJPY – The larger correction that was suspected continues to unfold and the first day of the month high serves as the pivot at 8330. 8240/75 is resistance and 8060/90 would be the next support area.

Yen_Early_Month_Levels_Produce_Pivots__body_usdjpy.png, Yen Early Month Levels Produce Pivots

Prepared by Jamie Saettele, CMT

AUDJPY – The high for the week and month occurred right on the open and the advance from 8460 has nearly been completely retraced. The bearish setup is there but beware of a fed induced rally ‘on news’ and final test of 8675.

Yen_Early_Month_Levels_Produce_Pivots__body_audjpy.png, Yen Early Month Levels Produce Pivots

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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