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USDJPY Faces Test at 7930

USDJPY Faces Test at 7930

2012-06-06 21:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Faces Test at 7930

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 reversal is playing out in a manner that I’m more likely to ‘believe’. The rally is more methodical than sharp, which is a sign that the move has legs. Bulls face a test at this level from former lows at 7930 and the 20 day average. Support is now 7895 and 7860.

LEVELS: 7800 7860 7895 7930 7980 8015

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