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USDJPY Vulnerable Towards 7860

USDJPY Vulnerable Towards 7860

2012-07-12 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Vulnerable Towards 7860

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.” There is nothing else to note than we are in a range and even breaks are not to be trusted in the low volatility environment.

LEVELS: 7810 7860 7912 7955 8010 8060

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