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Japanese Yen Consolidates – Breakout Next?

Japanese Yen Consolidates – Breakout Next?

2011-12-07 16:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Consolidates – Breakout Next?

Prepared by Jamie Saettele, CMT

There are signs that the long term USDJPY trend is reversing (from down to up). Those signs include bullish RSI divergence at the October low and a positive slope on the 13 week average. A push through the trendline that has defined the trend since the May 2010 high is required in order to inspire confidence in the upside. Objectives span the 8050-8300 range. Near term support is defined by trendlines from the October and November lows.

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