USDJPY Sideways Trade to Fuel Next Move
240 Minute Bars
Prepared by Jamie Saettele, CMT
The USDJPY drop into 8200 is in 3 waves (corrective) and reinforces confidence in the larger bull trend (3 waves denotes countertrend moves). Focus remains on the March high above 8400. The 2011 high at 8550 is a target in the event of a break higher. Price did touch 8260 today but failed to trade even 1 pip lower. Even a dip below 8260 could find support at 8235 (Monday low). 8195 is the key level for bulls. A drop under there would suggest that a larger decline (although probably corrective) is underway towards at least 8150.
Bottom Line (next 5 days) – higher