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Japanese Yen to Break the Range Soon?

Japanese Yen to Break the Range Soon?

2012-01-16 17:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen to Break the Range Soon?

Prepared by Jamie Saettele, CMT

A USDJPY rally above 7733 remains possible in a larger correction but weakness under 7662 would certainly demand respect as the all time low at 7557 is not far off. In the event of a turn higher, watch the 20 day average for resistance. It is worth noting that speculative longs are at a level consistent with recent interventions.

Bottom Line - flat

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