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Japanese Yen 61.8% Retracement Proving its Worth

Japanese Yen 61.8% Retracement Proving its Worth

2011-05-09 14:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen 61.8% Retracement Proving its Worth

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 the middle of this week. 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), (3), 1

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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