US Dollar / Japanese Yen: 03/30
The USDJPY move above 9217 and yearlong trendline resistance strongly suggests that the pair is headed above 9380 in what may be wave c of an a-b-c advance from 8481. Multi week targets for the c wave advance are 9710 and 10150-10270. Near term, a 5 wave rally from 8962 is nearing completion. A correction of the advance, probably back to 9175, is increasingly probable.
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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