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USDJPY is Constructive above 7743

USDJPY is Constructive above 7743

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY is Constructive above 7743

Prepared by Jamie Saettele, CMT

“I wrote Friday that “today’s range doesn’t even qualify as a large range (JS Thrust) day. I see no objective point of reference from which to structure a trade at the moment.” A deeper look at price action reveals that Friday’s low was several pips from the close of the 9/13 low (Fed day). The reaction at that level is telling. What’s more, the trade above Friday’s outside day does trigger an outside day breakout.” The upside is favored against 7743 although 7850/60 will probably provoke a reaction.

LEVELS: 7743 7780 7800 7832 7861 7916

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