USDJPY True Test Will Come Near 8075
Prepared by Jamie Saettele, CMT
The USDJPY has broken through the June high with authority and now faces resistance from the 4/16 low and 5/2 / 5/16 high at 8030/60. A Fibonacci extension (100% of 7765-7979 / 7961) comes in at 8074. Expect trading to be a bit choppier up here for several days. Support is now 7995 and 7965. Longs on dips are a favored strategy here before a potential parabolic move.
LEVELS: 7940 7965 7985 8075 8150 8205