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USDJPY Powers Through 20 Day Average

USDJPY Powers Through 20 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Powers Through 20 Day Average

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. The USDJPY has performed brilliantly since Friday. 7930 offered little in the way of resistance but price now enters a zone (7980-8030) that is heavy with former congestion. In line with the waves in risk across the board, slightly higher prices from here probably give way to a turn lower next week. 7900 is now support.

LEVELS: 7870 7900 7930 7980 8030 8055

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