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USDJPY Range Tightens Pre-FOMC

USDJPY Range Tightens Pre-FOMC

2012-06-19 23:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Range Tightens Pre-FOMC

Prepared by Jamie Saettele, CMT

The USDJPY has traded in a series of inside days since Friday’s sharp decline. The double inside day is indicative of the waiting game that the USDJPY plays ahead of US policy announcements. I’m on the lookout for a secondary low above 7765 in the 7850 area in the event that 7860 fails to hold. Exceeding 7980 would shift focus to 8054.

LEVELS: 7720 7765 7850 7980 8030 8055

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