USDJPY Vulnerable to False Breakouts

Daily Bars

Prepared by Jamie Saettele, CMT

No change: “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 7790 7814 7877 7912 7958