US Dollar / Japanese Yen 02-24
The USDJPY rally (from 8481) is corrective, which leaves the pair vulnerable to weakness below that level. Still, a larger correction may be underway since the decline from 9380 is not impulsive either. The pair has rolled over and dropped through 9140 and 9056. The count above suggests additional weakness below 8854. 9056-9100 is short term resistance.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to email@example.com.
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