USDJPY Spikes Below 8200
240 Minute Bars
Prepared by Jamie Saettele, CMT
The drop under 8195 suggests that a larger decline (although probably corrective) is underway towards at least 8150. Other levels to consider are 8060 (March low) and the 2/28 low at 8000. Corrections are tricky and I’d prefer to let it play out than try to trade it. 8265, 8300, and 8340 are resistance.
Bottom Line (next 5 days) – sideways/down