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USDJPY Still Faces Trendline and 20 Day Average

USDJPY Still Faces Trendline and 20 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Still Faces Trendline and 20 Day Average

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. It may take several attempts to align with the longer term USDJPY bull trend and price still faces resistance from a trendline and 20 day average. Exceeding 8185 would inspire confidence in the upside.

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

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