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Japanese Yen Runs into 50 day Average and Former Pivots

Japanese Yen Runs into 50 day Average and Former Pivots

2011-08-05 16:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Runs into 50 day Average and Former Pivots

Prepared by Jamie Saettele, CMT

“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).” We’ve yet to reach that level as price was turned back at the 50 day average / lows in May and June. Until price can overcome 8147, I am skeptical of attempts to prop up the exchange rate.

Trend Strength (M,W,D) – (2), (3), 0

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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