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Japanese Yen Short Term Channel Defines Trend

Japanese Yen Short Term Channel Defines Trend

2011-05-06 21:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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480 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Short Term Channel Defines Trend

Prepared by Jamie Saettele, CMT

The USDJPY has bounced from the confluence of the 61.8% retracement of the rally from 7637 and short term channel support. A deeper retracement of the advance cannot be ruled out, especially in light of the pattern in the long bond, which may rally into next week (see link below for specifics). In the event of additional weakness, support comes in at 7825. Trading above the short term channel would suggest that a bottom is in place.

Support/Resistance Index (M,W,D) – (1), (4), (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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