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Japanese Yen Unchanged

Japanese Yen Unchanged

2011-05-16 15:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Unchanged

Prepared by Jamie Saettele, CMT

The USDJPY is trading above its short term channel and focus is now on the May 2 high at 8168. Trading through there would suggest that the low for the month is in place at 7956 (as per the tendency for the high OR low for the entire month to register during the first 5 days of the month). I remain skeptical of the bull side given the potential (as suggested by other markets…USD, bonds, stocks) for risk aversion to extend for several days (although the rally today may be off of the low). As such, a test of the recent low in the USDJPY cannot be ruled out. The more time passes however, the more bullish I become.

Support/Resistance Index (M,W,D) – 0, 0, (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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