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Japanese Yen Fibonacci at 8060

Japanese Yen Fibonacci at 8060

2011-05-30 15:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Fibonacci at 8060

Prepared by Jamie Saettele, CMT

As the USDJPY is wont to do, it lulled traders to sleep and then moved violently (in this case lower). There may be some support from the 61.8% retracement of the rally from 7956 at 8060 but the rally from 7956 is not clearly impulsive therefore a test of 7956 cannot be ruled out. Clarity is lacking. There are better opportunities elsewhere.

Support/Resistance Index (M,W,D) – 0, 0, (4)

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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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