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USDJPY Takes Out 7860 – 7765 Next?

USDJPY Takes Out 7860 – 7765 Next?

2012-07-19 19:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Takes Out 7860 – 7765 Next?

Prepared by Jamie Saettele, CMT

Quite simply, the 3 wave rally from 7765 leaves 7765 vulnerable. Today’s drop below 7860 confirms the corrective nature of the move off of the June low a series of 1st and 2nd waves is now out of the question. The 161.8% extension of 8060-7860 / 8009 comes in right at 7765. Channel support comes intersects with 7765 late in July. The downside is favored below 7915.

LEVELS: 7765 7800 7840 7877 7915 7940

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