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Japanese Yen 7730 an Important Level to Watch

Japanese Yen 7730 an Important Level to Watch

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen 7730 an Important Level to Watch

Prepared by Jamie Saettele, CMT

The USDJPY is nearing an important level in 7730, which was the 1/6 high, 1/19 high, and 1/26 low. The 50 day average also comes into play at 7725. I maintain a constructive bias on the pair as long as price is above 7600 but respect the potential for a reaction from 7730. 7650 is support.

Bottom Line – long, stop 7600, target open

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.