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USDJPY Channel Support Presents Opportunity

USDJPY Channel Support Presents Opportunity

2012-06-26 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Channel Support Presents Opportunity

Prepared by Jamie Saettele, CMT

The sharp USDJPY decline presents an opportunity to align with the larger bull trend against 7860. Support is well defined from the 20 day average, channel support, and topside of the inverse head and shoulders neckline. As a filter to increase chances of success, I suggest adhering to opening range rules (5-9 pm est).

LEVELS: 7860 7900 7920 7980 8060 8100

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

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