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USDJPY Ends May on Lows but at Support

USDJPY Ends May on Lows but at Support

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Ends May on Lows but at Support

Prepared by Jamie Saettele, CMT

The USDJPY continues to slip and has reached the much discussed 7830 (resistance throughout late 2011). There is nothing to suggest that a low is in place right now and the next level of support is 7780. I’d be willing to try longs on a test and rebound from that level with an initial stop (plan on moving it up) below 7600.

LEVELS: 7735 7780 7830 7900 7980 8015

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