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USDJPY Eyes June Pivot at 7860

USDJPY Eyes June Pivot at 7860

2012-07-18 20:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Eyes June Pivot at 7860

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.” An inside day formed yesterday. Inside days at Bollinger bands are one of my favorite trade setups. The last such setup occurred on 6/4 (one day after the low). The trade is higher probability if early in the month but with RSI also holding 40, I didn’t mind punting on the long side against 7860 but the inability for price to clear yesterday’s high negates the bullish implications from the inside day.

LEVELS: 7765 7810 7860 7915 7995 8060

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