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USDJPY Consolidates Following Sharp Moves

USDJPY Consolidates Following Sharp Moves

2012-04-05 20:56:00
Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Consolidates Following Sharp Moves

Prepared by Jamie Saettele, CMT

“A correction of the February-March run is unfolding. Precise proclamations regarding pattern and levels are impossible when corrections are at their midpoint due to the multitude of potential outcomes (corrections can take many forms). As such, it is enough to say that a correction is unfolding. 8060 (March low) is a level to watch in April for support. Price is testing resistance at 8240 now.

Bottom Line (next 5 days) – sideways/down

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