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Japanese Yen Elliott Channel is Key Level at 7785

Japanese Yen Elliott Channel is Key Level at 7785

2011-09-30 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Elliott Channel is Key Level at 7785

Prepared by Jamie Saettele, CMT

For the first time in months, USDJPY wave structure is clear. In fact, the low volatility environment suggests that a 4th wave is likely unfolding from the August low. 4th waves are usually triangles or flats and notoriously choppy and/or slow. In this case, a triangle is more likely given the current position of the Elliott channel. As such, the USDJPY range may actually tighten before the final break lower in a 5th wave to record lows. A reversal of epic proportions will then be expected. Resistance is 7750.

Trend Strength (M,W,D) – (2), (1), (1)

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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 and follow hom on Twitter @JamieSaettele.

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