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USDJPY Plummets after Test of May High

USDJPY Plummets after Test of May High

2012-06-25 20:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Plummets after Test of May High

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.” The sharp decline presents an opportunity to align with the larger bull trend against 7860. As a filter to increase chances of success, I suggest adhering to opening range rules (5-9 pm est).

LEVELS: 7940 7965 7985 8075 8150 8205

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