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USDJPY Fibonacci Confluence at 8550

USDJPY Fibonacci Confluence at 8550

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Fibonacci Confluence at 8550

Prepared by Jamie Saettele, CMT

Continue to look higher (lows tend to form during the early Asian session). Focus for the month remains 8550, which is defined by the 2011 high and confluence of Fibonacci extensions (100% extension of 7602-8162 / 8001 and 261.8% extension of 8001-8187 / 8058). A break through there is 2010 support just above 8800. The best strategy is to continue moving up the stop, which should now be under this week’s low at 8195.

Bottom Line (next 5 days) – higher

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