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USDJPY Support Expected Under 8300

USDJPY Support Expected Under 8300

2012-03-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Support Expected Under 8300

Prepared by Jamie Saettele, CMT

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). The best strategy is to continue moving up the stop, which should now be under this week’s low at 8195 (for medium term players). Shorter term traders are probably out of the long as out stopped was moved to 8360 on Wednesday night. Additional support comes in from 8280-8310. Watch the top of the former base channel (in green) for support as well. In general, look for lows in early Asian trade (5-7 pm EST).

Bottom Line (next 5 days) – sideways / higher

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