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Japanese Yen Reverses at Fibonacci Objective

Japanese Yen Reverses at Fibonacci Objective

2011-03-17 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_1_body_usdjpy.png, Japanese Yen Reverses at Fibonacci Objective

Prepared by Jamie Saettele

I wrote yesterday to “continue to favor the bearish triangle but understand that there are increased risks in trading Yen pairs from potential BoJ intervention. “Risk for the bearish triangle scenario can be moved to 8329. A drop below 8024 would open up the door for a test of the all time low just below 80 (registered in 1995) and probably an extended drop into the 70s.” In a matter of minutes yesterday, the USDJPY fell as low as 7639. Amazingly, this exact level is the 161.8% extension of the triangle when extended from its terminal point (the end of wave e). Panic declines of this sort tend to mark important lows. The initial move off of the low is in 5 waves as well, which bodes well for bulls.

Click here to see outlooks for the rest of the USD majors.

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