240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Consolidates – Trend Remains in Place above 8055

Prepared by Jamie Saettele, CMT

The USDJPY has broken out to its highest level since late April 2011. The long term chart from Friday is an update to the chart published over 3 years ago in Sentiment in the Forex Market. An extremely bullish 1-2,i-ii count is valid as long as price is above 8055. Support is 8190 and 8135/45. I favor buying dips.

Bottom Line (next 5 days) – sideways / higher