Yen Daily RSI Exceeds 70

Daily Bars

Prepared by Jamie Saettele, CMT

The USDJPY has had quite a run so far in February. The break above the long term (off of 2008 and 2010 highs) trendline today should get others’ attention. I remain bullish but increased attention to this market and the proximity of the October 31, 2011 intervention high makes this is a good time and place for a pullback. Expect support at 7780-7830.

Bottom Line – buy weakness into 7780-7830