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USDJPY Focus is on 8160/8200

USDJPY Focus is on 8160/8200

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Focus is on 8160/8200

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” Price dropped under 8300 and to 8230 today. Look lower to the mentioned 8160-8200. Resistance is 8275 and 8310.

Bottom Line (next 5 days) – bottoming

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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