Dollar Pulls Back against Yen into Channel Support

240 Minute Bars

Prepared by Jamie Saettele, CMT

“Ultimately, I am of the persuasion that a major multi decade low is in place in USDJPY and that weakness should be bought.” The dip from Wednesday’s high found support at Elliott channel resistance to the pip in late US trading Thursday so expect a new high Friday as long as price is above Monday’s 7935 low. Resistance is round figure 8100 and the July 2011 high at 8147.

Bottom Line – into a top