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Japanese Yen 7760 is Strong Resistance

Japanese Yen 7760 is Strong Resistance

2012-01-06 19:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen 7760 is Strong Resistance

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.” Initial resistance has been reached and a pop into 7760 would present a higher reward/risk ratio on the downside.

Bottom Line – sell rallies into 7760, stop 7830, target 7550

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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