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USDJPY Spikes Below 8200

USDJPY Spikes Below 8200

2012-03-29 23:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Spikes Below 8200

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

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