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USDJPY True Test Will Come Near 8075

USDJPY True Test Will Come Near 8075

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, 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

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