Japanese Yen Momentum Slows – Warns of Turn
300 Minute Bars
Prepared by Jamie Saettele, CMT
The USDJPY continues to slip but the top side of the former resistance line continues to hold as support. If a longer term low is in place at the March low, then price needs to turn near here. Trading above 7960 would peak my interest. Until then, price remains vulnerable.
Trend Strength (M,W,D) – (1), (3), (1)
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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