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USDJPY Holds 20 Day Average on First Test

USDJPY Holds 20 Day Average on First Test

2012-03-26 21:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Holds 20 Day Average on First Test

Prepared by Jamie Saettele, CMT

The USDJPY drop into 8200 may complete a corrective decline from 8417. The 8200 level is defended by the 20 day average, 50% retracement of the rally from 8001 and 3/13 low. The advance has stalled at former support (now resistance) at 8300. Look higher as long as price is above 8200 towards last week’s high of 8420. The 2011 high at 8550 remains of interest.

Bottom Line (next 5 days) – higher

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