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USDJPY May Have Put in Important Low

USDJPY May Have Put in Important Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY May Have Put in Important Low

Prepared by Jamie Saettele, CMT

The USDJPY turned around just ahead of the much discussed 7950 (October 2011 intervention high / Fibonacci extension). Whether or not this is THE low remains to be seen but this is the time (beginning of month) and level where one would expect an important pivot. Very short term, a push above 8029 with price remaining above 7990 would make the rally from 7963 in 5 waves and increase the probability that the low is in place.

Bottom Line (next 5 days) – bottomed?

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