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Yen Daily RSI Exceeds 70

Yen Daily RSI Exceeds 70

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Yen Daily RSI Exceeds 70

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

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