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USDJPY 7860 Defined by mid June Low and Measured Level

USDJPY 7860 Defined by mid June Low and Measured Level

2012-07-16 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY 7860 Defined by mid June Low and Measured Level

Prepared by Jamie Saettele, CMT

The USDJPY has reached the -2nd Bollinger band (20 days) for the first time since the 6/1 low. The confluence of the 6/15 low and 100% extension of the 8061-7912 decline at 7960 is clearly of interest. Near term strength is likely capped by 7900/10.

LEVELS: 7765 7810 7860 7910 7940 7995

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