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USDJPY Enters 10th Day of Range

USDJPY Enters 10th Day of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Enters 10th Day of Range

Prepared by Jamie Saettele, CMT

The USDJPY has entered its 10th day of consolidation. The environment is conducive to false breaks as the pop above 80 demonstrates. As mentioned last week, “viewed in light of 3 wave advance from 7765, I’ll need a move above 8061 before I can trust USDJPY strength.” Until then, the pair is vulnerable.

LEVELS: 7810 7860 7912 8000 8060 8150

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