News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
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

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