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Japanese Yen Major Trendline at 7880 This Week

Japanese Yen Major Trendline at 7880 This Week

2012-02-13 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Major Trendline at 7880 This Week

Prepared by Jamie Saettele, CMT

The USDJPY had no problem with the 7730 level but was turned back by a Fibonacci extension confluence at 7780 (161.8% extensions of 7602-7680/7651 and 7651-7718/7670). Upside momentum is strong and new highs are favored. 7740/50 is now support and focus next week is the January high at 7828, which is also defined by the 261.8% extensions of the previously mentioned levels. The true test will be a long term trendline and 52 week average just under 7900.

Bottom Line – long, stop 7670, target open

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