USDJPY Pressing Lower End of Range Before Bank of Japan

Daily Bars

Prepared by Jamie Saettele, CMT

“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.” The break of channel support shifts focus to 7912 and 7860, which is the 100% extension of the 8061-7912 decline and 6/15 low.

LEVELS: 7810 7860 7912 7965 8010 8060