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US Dollar / Japanese Yen

US Dollar / Japanese Yen

2010-07-28 14:35:00
Tim Shea,
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60 Minute Bars

eliottWaves_usd-jpy_body_100728_090020_CQG_IC_Screen.png, US Dollar / Japanese Yen

Prepared by Jamie Saettele

“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).” Favor the downside to a new low (below 8626) against 8920. Above 8920 would bring to the forefront the potential for either a C or Y wave to exceed 9500. I’ve laid out the short term bearish count.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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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