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Japanese Yen No Sign of Reversal – Trend Towards Low 70s

Japanese Yen No Sign of Reversal – Trend Towards Low 70s

2011-09-26 14:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen No Sign of Reversal – Trend Towards Low 70s

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 in early September.” I’ll continue to favor the downside as long as price is below 7786. In the event of a breakdown, the objective is the line that extends off of the May and July lows.

Trend Strength (M,W,D) – (2), (1), 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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