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Japanese Yen Goes Nowhere

Japanese Yen Goes Nowhere

2011-05-20 14:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Goes Nowhere

Prepared by Jamie Saettele, CMT

The USDJPY has broken to a new high for May which suggests 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). When combined with the fact that the USDJPY low was just below its 61.8% retracement of the rally from the March low, it is likely that an important secondary low is in place. Near term support is 8100/20 and price should remain above 8033 on its way towards resistance at 8325 and 8400.

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