Japanese Yen Soars Following NFP – Range Intact
480 Minute Bars
Prepared by Jamie Saettele, CMT
There are signs that a major USDJPY shift is in the works. Price bounced from its 61.8% retracement of the rally from the March low twice in the last 2 months and has also broken above the trendline that extends off of the April and May highs. This morning’s NFP offers a bullish opportunity against the 7956 low. A drop below there would shift focus lower to 7900 and 7900.
Trend Strength (M,W,D) – (1), 0, 0
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 firstname.lastname@example.org.
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