USDJPY 20 Day Average Holds as Resistance

Daily Bars

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