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Japanese Yen Threatens Breakout

Japanese Yen Threatens Breakout

2011-03-16 14:32:00
Jsaettele,
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Threatens Breakout

Prepared by Jamie Saettele

Continue to favor the bearish triangle but understand that there are increased risks in trading Yen pairs from potential BoJ intervention. “Risk for the bearish triangle scenario can be moved to 8329. A drop below 8024 would open up the door for a test of the all time low just below 80 (registered in 1995) and probably an extended drop into the 70s.” 8150-8200 is short term resistance.

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