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USDJPY 8195 is Now the Pivot

USDJPY 8195 is Now the Pivot

2012-03-13 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY 8195 is Now the Pivot

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 but shorter term traders should move stops up to yesterday’s low at 8195. Support is 8245/65.

Bottom Line (next 5 days) – higher

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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