USDJPY 8180 of Interest in May

240 Minute Bars

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