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Dollar Nears Top of Range against Yen

Dollar Nears Top of Range against Yen

2012-02-29 02:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Dollar Nears Top of Range against Yen

Prepared by Jamie Saettele, CMT

A 5 wave advance from the 2/1 low is most likely complete in the USDJPY at Sunday evening’s high (8166). Expect weakness on balance over the next 1 to 2 weeks in order to complete a corrective 3 wave decline from 8166. Expect support at 7935/50 (2/20 low and 38.2% retracement of the 5 wave rally). A deeper decline could reach 7820/30 (61.8% retracement and breakout level). We’ll have a better idea regarding formation of the next low in real time but 7935/50 and 7820/30 are levels to keep in mind. Exceeding 8162 would shift focus to 8220.

Bottom Line – Sideways / Lower

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