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USDJPY Bounces from Channel Support

USDJPY Bounces from Channel Support

2012-07-23 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Bounces from Channel Support

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.” The USDJPY has already reached channel support but remains vulnerable as per the 3 waves up from 7765.

LEVELS: 7765 7800 7840 7877 7915 7940

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