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USDJPY Spike below 7765 May Complete Short Term Pattern

USDJPY Spike below 7765 May Complete Short Term Pattern

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Spike below 7765 May Complete Short Term Pattern

Prepared by Jamie Saettele, CMT

“The USDJPY 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).” Friday’s high was 7867 and the decline from there ‘fits’ as wave 5 within the 5 wave decline from 8062. The implications are for a drop below 7794 and probably 7765 before a recovery.

LEVELS: 7700 7765 7794 7880 7915 7940

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