USDJPY Consolidates Following Sharp Moves

240 Minute Bars

Prepared by Jamie Saettele, CMT

The USDJPY correction from 8417 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. Yesterday’s low (8154) is critical to the bullish case but as I wrote yesterday, “I’d prefer to see the USDJPY hold the low for several days before trying the long side.” 8330/50 is resistance.

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