Japanese Yen Plummets on Intervention: USDJPY at 50 day SMA
Prepared by Jamie Saettele, CMT
Japan’s intervention last night sent the Yen plummeting. Technically, the USDJPY needs to overcome 8147 in order for the series of lower highs since April to be broken. This area is likely to prove formidable as it is reinforced by the 200 day average (currently 8175).
Trend Strength (M,W,D) – (2), (3), (2)
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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