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USDJPY Breaks Trendline but Still Faces Former Support above 7900

USDJPY Breaks Trendline but Still Faces Former Support above 7900

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Breaks Trendline but Still Faces Former Support above 7900

Prepared by Jamie Saettele, CMT

Earlier this week, “the USDJPY 5 day range of .81% was 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.” I remain inclined to treat this move higher as a trap.

LEVELS: 7790 7840 7860 7912 7940 8007

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

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