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Japanese Yen Resistance (USDJPY Support) at 8300

Japanese Yen Resistance (USDJPY Support) at 8300

2011-02-11 16:08:00
Jsaettele,
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Resistance (USDJPY Support) at 8300

Prepared by Jamie Saettele

As stated yesterday, the move above 8321 and strong trendline break (not to mention breaks above the 20 and 50 day averages) makes it likely that the ultimate break will be to the upside (above 8450). 8368 has now been tested so we could see some consolidation/pullback from here. The short term Elliott channel, and specifically 8300, is now support. From an Elliott perspective, it is possible that the base from the November low is a series of 1st and 2nd waves.

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