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USDJPY Intraday Reversal

USDJPY Intraday Reversal

2012-03-21 21:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Intraday Reversal

Prepared by Jamie Saettele, CMT

The rally to 8409 may have completed 5 waves up from 8001 (2/28 low). A constructive bias remains in place above 83 (rally from there an ending diagonal?) but a drop below would shift focus to the 20 day average and early March resistance at 8185-8200. In the event that 8300 holds and the USDJPY heads higher, the objective remains 8500/50.

Bottom Line (next 5 days) – topping / topped?

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