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