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USDJPY March Low and 50% Retracement in Focus

USDJPY March Low and 50% Retracement in Focus

2012-04-10 21:31:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY March Low and 50% Retracement in Focus

Prepared by Jamie Saettele, CMT

Failure to hold 8115 triggered a sharp decline in the USDJPY, which is just pips from the March low of 8058. Weakness below there exposes the 50% retracement of the advance from the February low at 8009 (reinforced by the 60 day average). Tuesday’s high serves as the pivot at 8185. 8085 and 8105 are now resistance.

Bottom Line (next 5 days) – ?

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

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