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USDJPY Trades Between 79-80 for 6th Day

USDJPY Trades Between 79-80 for 6th Day

2012-07-03 17:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Trades Between 79-80 for 6th Day

Prepared by Jamie Saettele, CMT

The USDJPY has traded sideways for 6 days since the bearish key reversal last Monday. Such action often presages a weak market. 7860 remains the key longer term pivot but the Monday reversal isn’t consistent with a larger bull market. Exceeding 8000 while remaining above 7912 would be a good sign for bulls.

LEVELS: 7810 7860 7912 8000 8060 8150

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

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