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Japanese Yen at Fibonacci Extension / Trendline Confluence

Japanese Yen at Fibonacci Extension / Trendline Confluence

2011-07-22 16:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen at Fibonacci Extension / Trendline Confluence

Prepared by Jamie Saettele, CMT

The USDJPY has dropped to a new low to test the 61.8% extension of the decline from the April high and top side of the former resistance line. If the proposed longer term bullish count is correct, then price ideally turns near here. Trading above 7950 would peak my interest.

Trend Strength (M,W,D) – (1), (3), (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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