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US Dollar / Japanese Yen 07-09

US Dollar / Japanese Yen 07-09

2010-07-09 13:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-09-JPY

“To review, everything from the 2009 low appears to be corrective. The 3 wave rally from 8480 is surely corrective, so there is the possibility that the USDJPY continues lower from here and takes out 8480 (which would mean that what was thought to be a b wave triangle would actually be a series of 1st and 2nd waves).” There is the possibility that a long term inverse head and shoulders pattern is unfolding (left shoulder at late 2008/early 2009 low). 8770/8800 is short term support.

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 jsaettele@dailyfx.com.

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