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Japanese Yen Testing Trendline

Japanese Yen Testing Trendline

2011-05-31 20:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_2_body_usdjpy.png, Japanese Yen Testing Trendline

Prepared by Jamie Saettele, CMT

The USDJPY has soared and is now testing the trendline that extends off of the April and May highs. Given the larger structure, this may be the beginning of the next bull leg that will eventually eclipse 8552. I am cautiously bullish against 8069. A drop below would suggest that the correction is still unfolding and put 7956 at risk.

Support/Resistance Index (M,W,D) – 0, (1), 1

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to jsaettele@dailyfx.com.

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