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Japanese Yen Trades in 20 Pip Range

Japanese Yen Trades in 20 Pip Range

2012-01-23 22:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Trades in 20 Pip Range

Prepared by Jamie Saettele, CMT

There is nothing to say regarding the Yen until it does something. For now, respect the range. The resistance zone is the current level (20 day average) to former support at 7760. Support is the series of lows since November near 7650. Guessing the direction of the eventual break is futile but it is worth noting that speculative longs are at a level consistent with recent interventions.

Bottom Line - flat

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