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USDJPY Resistance Expected at 7880

USDJPY Resistance Expected at 7880

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Resistance Expected at 7880

Prepared by Jamie Saettele, CMT

“Quite simply, the 3 wave rally from 7765 leaves 7765 vulnerable.” The decline from 8061 appears to be unfolding in an impulsive manner (wave 3 extended). As such, strength should prove corrective and give way to new lows. Resistance is clustered between 7868/80 (former pivots and 38.2% retracement).

LEVELS: 7700 7765 7794 7845 7882 7910

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