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USDJPY Testing Trendline Resistance

USDJPY Testing Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Testing Trendline Resistance

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.” The low and high (in that order) for Thursday are 7794 and 7859. There’s no reason to change anything to the call for more range trading until the market can break through 8000.

LEVELS: 7712 7743 7794 7886 7923 7966

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

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