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USDJPY Interim Resistance Now at 8000

USDJPY Interim Resistance Now at 8000

2012-06-27 21:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Interim Resistance Now at 8000

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 at the recent low from the 20 day average, channel support, and topside of the inverse head and shoulders neckline. 8000 is interim resistance and near term upside is favored against 7920 (Wednesday low).

LEVELS: 7860 7920 7950 8000 8060 8100

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