Japanese Yen Violent Range Continues
480 Minute Bars
Prepared by Jamie Saettele
The USDJPY spike nearly reached 8337 (short term Fibonacci extension, which was eyed as resistance yesterday. 8397 remains the key level for bears with a move above signaling that a C wave (B wave triangle – red labels) is headed above 8450. For now, the bearish triangle remains valid. More importantly, our thoughts and prayers are with all those affected by the earthquake in Japan.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.