News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USDJPY Makes Move on Trendline but 8060 is Key

USDJPY Makes Move on Trendline but 8060 is Key

Jamie Saettele, CMT, Sr. Technical Strategist

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

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

DISCLOSURES