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Japanese Yen Spikes into Trendline

Japanese Yen Spikes into Trendline

2011-02-04 15:51:00
Jsaettele,
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Spikes into Trendline

Prepared by Jamie Saettele

As mentioned in recent days, the drop below 8185 puts the bullish bias in question. The USDJPY has rallied off of a trendline but faces resistance from former support in the 8200 region. The pair is best described as range bound until a break of 8090 or 8321. Based on the patterns in the crosses, I have my doubts about the upside.

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