Japanese Yen January Pivot of Interest at 7828
240 Minute Bars
Prepared by Jamie Saettele, CMT
The USDJPY had no problem with the 7730 level and is nearing a Fibonacci extension confluence at 7780 (161.8% extensions of 7602-7680/7651 and 7651-7718/7670). Upside momentum is strong and risk on longs can be moved up from 7600 to 7670. 7740/50 is now support and focus in the coming days is the January high at 7828, which is also defined by the 261.8% extensions of the previously mentioned levels.
Bottom Line – long, stop 7670, target open