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USDJPY 20 Day Average Holds as Resistance

USDJPY 20 Day Average Holds as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY 20 Day Average Holds as Resistance

Prepared by Jamie Saettele, CMT

What’s interesting is the USDJPY key reversal on the first day of the month last week. 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 7789. 7912 and 7958 may pose problems for bulls if reached.

LEVELS: 7765 7791 7805 7845 7865 7877

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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