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USDJPY Pops and Tests Former Pivot

USDJPY Pops and Tests Former Pivot

2012-06-05 22:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Pops and Tests Former Pivot

Prepared by Jamie Saettele, CMT

“Volume on Friday (futures) was the highest since October 31, 2011 (that was an intervention). Such volume tends to indicate exhaustion. Combine this with today’s inside day, presence of support from former congestion (end of 2011), and the early month implications (reversals) and we’ve got a long setup against the low.” The pop higher gives us some room. 7855 is now short term support. Price has yet to clear resistance at 7900 so bulls aren’t out of the woods yet of course but I’ll stay bullish.

LEVELS: 7765 7810 7855 7900 7980 8015

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