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Japanese Yen Unchanged at November Pivot

Japanese Yen Unchanged at November Pivot

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Unchanged at November Pivot

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. It is worth noting that speculative longs are at a level consistent with recent interventions.

Bottom Line - flat

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