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USDJPY Contracting Range Raises Triangle Possibility

USDJPY Contracting Range Raises Triangle Possibility

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Contracting Range Raises Triangle Possibility

Prepared by Jamie Saettele, CMT

The contracting range of the USDJPY raises the possibility of a bearish triangle. The implications from the current level would be for the range to tighten further for the next few weeks before a terminal thrust ends below 7712. 7860 is estimated resistance and 7790 estimated support.

LEVELS: 7712 7743 7790 7860 7923 7966

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

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