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USDJPY Reverses after Test of October 2011 High

USDJPY Reverses after Test of October 2011 High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Reverses after Test of October 2011 High

Prepared by Jamie Saettele, CMT

“The inability to find an early month low decreases confidence in a bottoming scenario for May.” The USDJPY tested and held the October 2011 intervention high yesterday and is nearing its high for the week. This week’s range is small but the action at the October 2011 level (7950) is impressive. A pop above 8060 is needed for me to consider a bullish strategy again (on a pullback).

LEVELS: 8180 8060 7942 7915 7830

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