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Japanese Yen 7735/50 is an Important Level

Japanese Yen 7735/50 is an Important Level

2011-09-15 15:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen 7735/50 is an Important Level

Prepared by Jamie Saettele, CMT

“The USDJPY daily Bollinger bands are extremely tight, which warns of a breakout. When the bands are this tight, the initial breakout is often of the false variety. In this case, the break above the second standard deviation band qualifies as the false breakout. With price reversing from the recent high, respect the potential for a downside break.” The rally from the record low is corrective and price has broken its short term trendline support. Today’s spike reversed at the confluence of the former pivot and 61.8% retracement of the decline from 7785. Look lower.

Trend Strength (M,W,D) – (2), 0, 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.

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