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USDJPY Technicals for July 21st

USDJPY Technicals for July 21st

2010-07-21 14:37:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-21-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).” Near term, the rally from 8626 appears to be a 4th wave (possibly completed at 8760). Favor the downside to a new low (below 8626).

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

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