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USDJPY Finds Support at 50% Retracement

USDJPY Finds Support at 50% Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Finds Support at 50% Retracement

Prepared by Jamie Saettele, CMT

The US 10 year made a new high Monday to create divergence with the Yen. This was the trigger I was waiting for. Despite equities appearing vulnerable, reward/risk justifies longs here. Although it may take several attempts to align with the longer term USDJPY bull trend, I do like that the decline from the March high retraced about 50% of the advance from the February low and today’s decline retraced a little more than 50% of last week’s rally. In other words, the market seems to be scaling to 50% retracements.

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

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