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Japanese Yen 7785-7830 is Support (USDJPY Resistance)

Japanese Yen 7785-7830 is Support (USDJPY Resistance)

2011-08-11 15:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen 7785-7830 is Support (USDJPY Resistance)

Prepared by Jamie Saettele, CMT

The USDJPY is testing its record low and a break would shift focus to a Fibonacci measurement at 7258 (161.8% extension of initial decline from April high). A bounce should see resistance at 7785-7830 (50-61.8 Fibonacci and former pivot levels).

Trend Strength (M,W,D) – (2), (1), (1)

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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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