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USDJPY Tests May 1 Low

USDJPY Tests May 1 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Tests May 1 Low

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

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