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Yen at Major Trendline

Yen at Major Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Yen at Major Trendline

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).” Price consolidated today after tagging the trendline that extends off of the 2008 and 2010 highs. Support remains 7780-7800. 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.