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Japanese Yen Triangle a Possibility

Japanese Yen Triangle a Possibility

2011-02-07 15:45:00
Jsaettele,
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240 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Triangle a Possibility

Prepared by Jamie Saettele

As mentioned last week, the drop below 8185 puts the bullish bias in question. The USDJPY has rallied off of a trendline but faces resistance from resistance lines up until roughly 8280. Directional pivots are 8321 and 8110. A drop below 8110 would suggest that consolidation since the November low was a triangle. Based on the patterns in the crosses, I have my doubts about the upside.

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