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USDJPY 8180 of Interest in May

USDJPY 8180 of Interest in May

2012-05-03 23:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY 8180 of Interest in May

Prepared by Jamie Saettele, CMT

“The USDJPY turned around just ahead of the much discussed 7950 (October 2011 intervention high / Fibonacci extension). This is the time (beginning of month) and level where one would expect an important pivot. The rally from 7963 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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