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USDJPY Lowest 5 Day Range Since January

USDJPY Lowest 5 Day Range Since January

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Lowest 5 Day Range Since January

Prepared by Jamie Saettele, CMT

Today’s title says it all. The USDJPY 5 day range of .81% is the lowest 5 day range since January. Similar levels were registered in December 2011 and October 2011. In all instances, the initial move was wrong. Viewed in the context of 3 wave rallies at multiple degrees of trend, a sensible strategy is to short sharp rallies. Watch 79.12.

LEVELS: 7765 7790 7814 7877 7912 7958

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

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