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USDJPY Intraday Pattern is Constructive above 7960

USDJPY Intraday Pattern is Constructive above 7960

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Intraday Pattern is Constructive above 7960

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.” The rally extended into 5 waves which increases confidence in the bullish bias against 7963. Interim resistance is 8085.

Ideas: long, stop at 7960

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