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Japanese Yen 8110 is Key Level

Japanese Yen 8110 is Key Level

2011-02-21 15:53:00
Jsaettele,
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Weekly Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen 8110 is Key Level

Prepared by Jamie Saettele

“One can view the USDJPY action since November as consolidation prior to a continuation of weakness or a basing pattern that will lead to a break higher.” The strong rally clarifies the picture as I had pegged 8321 as the bullish pivot. The break above that level favors the idea that the sideways trade since the November low is a bullish base rather than a triangle. Focus is on 8450 and 8110 is critical to the bullish bias.

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