Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Makes Move on Trendline but 8060 is Key

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 last week and is testing trendline resistance (the 20 day average is just above). The action at the October 2011 level (7950) is impressive but a pop above 8060 is needed for me to consider a bullish strategy again. Until then, price is vulnerable towards 7915 (61.8% retracement) and perhaps 7830 (former resistance).

LEVELS: 8180 8060 7942 7915 7830