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Japanese Yen 7830 Remains of Interest

Japanese Yen 7830 Remains of Interest

2011-09-08 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen 7830 Remains of Interest

Prepared by Jamie Saettele, CMT

The USDJPY has pulled back following the test of 7769 but found support from former pivots just above the 7700 figure. Despite the pullback, I am looking higher into the top of the short term channel. The 100% extension of the rally from the low is potential resistance at 7715 as is former support at 7830.

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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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