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Dollar / Yen Sideways Pattern Awaits Resolution

Dollar / Yen Sideways Pattern Awaits Resolution

2012-03-06 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Dollar / Yen Sideways Pattern Awaits Resolution

Prepared by Jamie Saettele, CMT

No change: “Early March action warrants a long USDJPY position with a stop below 8000. I’ve no idea if the advance will extend from current levels but the reward/risk is favorable as the next objective isn’t until the 100% extension of the February rally from 8001 / July 2011 low at 8150. Levels above there are 8820 (former support), and finally 9500 (2011 high and 261.8% extension). A drop under 8000 would shift focus to former resistance at 7950.”

Bottom Line (next 5 days) – sideways / higher?

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