USDJPY Daily Key Reversal
240 Minute Bars
Prepared by Jamie Saettele, CMT
“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.” The USDJPY slipped below 7794 but didn’t make it to 7765. What’s interesting is the key reversal on the first day of the month. This is a powerful combination. It would be much more bullish without the specter of 3 waves up from 7765, which is bearish. Still, the signal is too strong to pass up based on a subjective wave count. Look higher against today’s low. 7912 and 7958 may pose problems for bulls if reached.
LEVELS: 7791 7805 7825 7867 7912 7958