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Japanese Yen Testing mid November Levels

Japanese Yen Testing mid November Levels

2012-01-04 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Testing mid November Levels

Prepared by Jamie Saettele, CMT

The drop below 7714 triggered a bearish bias in the USDJPY. Volatility has ticked higher the last few days from its lowest level in over 4 years so beware of a sharp plunge to fresh all time lows. Rallies into resistance from 7720/60 would offer short opportunities against 7830.

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