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Japanese Yen Intraday Pattern Favors Test of 7750

Japanese Yen Intraday Pattern Favors Test of 7750

2012-01-09 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Intraday Pattern Favors Test of 7750

Prepared by Jamie Saettele, CMT

The rally from 7660 and decline from 7733 probably compose wave a and b of an a-b-c corrective rally. The implications are for a rally into 7750 (100% extension of rally from 7660) before the larger downtrend resumes. 7750 is reinforced by the 20 day average as well. Additional technical research can be found at DailyFX.com.

Bottom Line – sell rallies into 7750, stop 7830, target 7550

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