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Japanese Yen Breaks through 20 day Average

Japanese Yen Breaks through 20 day Average

2011-09-06 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Breaks through 20 day Average

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the inability of price to break down in the last 5 days leaves me with little confidence in the downside. 7769 is at risk.” 7769 is on the verge of giving way and focus would shift to a July pivot at 7845 as well as the resistance line that extends off of the April and July highs.

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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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