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USDJPY 7790 a Level to Keep in Mind

USDJPY 7790 a Level to Keep in Mind

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY 7790 a Level to Keep in Mind

Prepared by Jamie Saettele, CMT

A deeper look at price action reveals that last Friday’s low was several pips from the close of the 9/13 low (Fed day). The reaction at that level is telling. The USDJPY remains constructive against 7743 although a deeper retracement of the 7743-7871 rally wouldn’t be a surprise given the failure to close above the 61.8% retracement of the decline from 7921. Expect support at 7790.

LEVELS: 7743 7790 7830 7870 7923 7966

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