Japanese Yen Terminal Thrust – Reversal Opportunity Against the Low
300 Minute Bars
Prepared by Jamie Saettele, CMT
Recent commentary was that “the USDJPY is testing its record low and a break would shift focus to 7500 and a Fibonacci measurement at 7258 (161.8% extension of initial decline from April high).” The objectives were not met but this latest drop under 7600 and reversal may complete a terminal thrust from a triangle. Triangles often precede the final move of a larger pattern. RSI divergence with the low on the daily, weekly, and monthly warn that an important low may be forming. 7630/50 is potential short term support.
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Trend Strength (M,W,D) – (2), (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 email@example.com.
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