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Japanese Yen 7750 Remains Key – Objective Still 7400

Japanese Yen 7750 Remains Key – Objective Still 7400

2011-10-18 15:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen 7750 Remains Key – Objective Still 7400

Prepared by Jamie Saettele, CMT

“The sharp advance may be the beginning of the end of the wave 4 correction that has been unfolding since August. Currently testing Elliott channel resistance, 7784 is also resistance. As long as price is below 7956, I favor a top, reversal and decline to all time lows in order to complete 5 waves down from April.” Exceeding 7956 would negate the structure as described here and give way to a test of 7785 (beware the MoF / BoJ).

Trend Strength (M,W,D) – (2), 0, 1

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