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USDJPY Pop above 80 Lacks Conviction

USDJPY Pop above 80 Lacks Conviction

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Pop above 80 Lacks Conviction

Prepared by Jamie Saettele, CMT

I wrote Tuesday that “exceeding 8000 while remaining above 7912 would be a good sign for bulls.” The USDJPY did indeed exceed 80 but conviction on the move is lacking. The USDJPY is prone to false breaks and that may be the case here. Viewed in light of a 3 wave advance from 7765, I’ll need a move above 8061 before I can trust USDJPY strength.

LEVELS: 7810 7860 7912 8000 8060 8150

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