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USDJPY Small Corrective Decline Considered Complete

USDJPY Small Corrective Decline Considered Complete

2012-03-20 20:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Small Corrective Decline Considered Complete

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 (the break above Monday’s high however enables shorter term traders to move risk up to 8300).

Bottom Line (next 5 days) – higher

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