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Japanese Yen Sees Small Overnight Spike-Holds 20 day Average

Japanese Yen Sees Small Overnight Spike-Holds 20 day Average

2011-12-19 15:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Sees Small Overnight Spike-Holds 20 day Average

Prepared by Jamie Saettele, CMT

The longer that the USDJPY fails to accelerate higher, the less confident I am in a bullish bias. Also, volatility is exceptionally low (3 month vol is lowest since November 2007), which is historically bearish. Price does remain below the 200 day average, which is now below the post intervention high of 7953. I am treating 7828 and 7714 as breakout levels (above 7728 is bullish and below 7714 is bearish).

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