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USDJPY Down for Second Day after Fibonacci Reaction

USDJPY Down for Second Day after Fibonacci Reaction

2012-08-21 19:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, USDJPY Down for Second Day after Fibonacci Reaction

Prepared by Jamie Saettele, CMT

Viewed in the context of 3 wave rallies at multiple degrees of trend, yesterday’s USDJPY reversal at 7960 should be respected. 7960, as highlighted throughout last week, is defined by the 61.8% retracement of the decline from 8061 and the 161.8% extension of the 7790-7879 advance. I’m looking lower.

LEVELS: 7859 7885 7908 7966 8010 8061

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

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