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Japanese Yen January Pivot of Interest at 7828

Japanese Yen January Pivot of Interest at 7828

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen January Pivot of Interest at 7828

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

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