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Japanese Yen Roundtrip from 8330

Japanese Yen Roundtrip from 8330

2011-03-31 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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480 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Roundtrip from 8330

Prepared by Jamie Saettele

The USDJPY has nearly completely retraced the decline from the 3/11 high (3/11 was the day of the earthquake). The rally from the low is now in 5 waves, which makes it highly likely that a longer standing low is in place at the mid March panic decline low. Given the 5 wave rally, expectations are now for a corrective decline towards 8050.

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