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200 Day Average Easily Overcome in Dollar-Yen

200 Day Average Easily Overcome in Dollar-Yen

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, 200 Day Average Easily Overcome in Dollar-Yen

Prepared by Jamie Saettele, CMT

A regime change seems to have taken place in the USDJPY. Price is up nearly 3% for the month which would be the largest 1 month rally since November 2010 (if the month ended today). Some consolidation is probably in order following today’s sharp advance. Expect support at 7800/30. Things should get interesting if price can push above the October 31 high at 7953 (and long term resistance line). Strategically, it is best to continue moving up the stop (move up from 7670 to 7735).

Bottom Line – long, stop 7735, target open

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