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USDJPY Tests Former Resistance at 7950

USDJPY Tests Former Resistance at 7950

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Tests Former Resistance at 7950

Prepared by Jamie Saettele, CMT

The USDJPY is at fresh May lows. The inability to find an early month low decreases confidence in a bottoming scenario for May. Currently testing former resistance (October 2011 high) as support, the next clear support isn’t until the series of tops from late 2011 / early 2012 at 7830.

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