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USDJPY Upside Remains Favored

USDJPY Upside Remains Favored

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Upside Remains Favored

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). Bulls are favored against the 3/13 low of 8195. In fact, a small correction may be complete from the 3/15 high.

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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