USDJPY Breakout Possibility at Current Levels
240 Minute Bars
Prepared by Jamie Saettele, CMT
No change other than risk on shorts can be moved from 80 to 8055: “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 8550.” Support for Friday is 8120. The preferred strategy is bullish.
Bottom Line (next 5 days) – sideways / higher?
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