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Japanese Yen Declines Most Since October Intervention

Japanese Yen Declines Most Since October Intervention

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Declines Most Since October Intervention

Prepared by Jamie Saettele, CMT

The large (relative) USDJPY range on the 19th did indeed foreshadow today’s break of the 7650-7750 range. Given the extreme contraction in volatility, one shouldn’t dismiss today’s advance (which was the largest since the October 31 intervention). 7740/55 is support and pattern is constructive above 7685.

Bottom Line - flat

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