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Japanese Yen Reaches Resistance Area (USDJPY Support)

Japanese Yen Reaches Resistance Area (USDJPY Support)

2011-02-23 16:18:00
Jsaettele,
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Reaches Resistance Area (USDJPY Support)

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 rally through trendline resistance earlier this month favors an eventual upside break. If the larger trend has turned up, then 8247/66 should hold as support (former resistanc and also 20 and 50 day averages).

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