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USDJPY Corrective Decline Possibly Complete

USDJPY Corrective Decline Possibly Complete

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Corrective Decline Possibly Complete

Prepared by Jamie Saettele, CMT

I wrote last week that “corrections are tricky and I’d prefer to let it play out than try to trade it.” The correction may be complete as the sharp advance from former resistance (circled) is exactly what one would expect to see if the larger uptrend is indeed resuming. Today’s low (8154) is critical to the bullish case and I’d prefer to see the USDJPY hold the low for several days before trying the long side.

Bottom Line (next 5 days) – sideways/up?

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