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USDJPY 7950 a Major Technical Level

USDJPY 7950 a Major Technical Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY 7950 a Major Technical Level

Prepared by Jamie Saettele, CMT

The USDJPY made its high on the first day of April and low on the last day (you’d be surprised how often these things happen). If a larger long term bull trend is underway then a low should form this week. Expect support near and just below 7950. This level is defined by the October 2011 intervention high and 61.8% extension of the decline from the March high.

Bottom Line (next 5 days) – bottoming?

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