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USDJPY is Vulnerable Below 8060

USDJPY is Vulnerable Below 8060

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY is Vulnerable Below 8060

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). Until then, price is vulnerable towards 7915 (61.8% retracement) and perhaps 7830 (former resistance).

LEVELS: 8180 8060 7942 7915 7830

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