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USDJPY Breakout Possibility at Current Levels

USDJPY Breakout Possibility at Current Levels

2012-03-08 00:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Breakout Possibility at Current Levels

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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