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USDJPY Trades Through Key Level as 80 Awaits

USDJPY Trades Through Key Level as 80 Awaits

2012-10-18 00:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Trades Through Key Level as 80 Awaits

Prepared by Jamie Saettele, CMT

“Is the USDJPY starting to make a move? A break above 7921 would warrant a bullish bias towards at least 7981. 7921 is the 9/19 high and 23.6% extension of the record low to March high extended off of the September low. Until price breaks 7921, the market is in a range with 7830/60 as support.” The USDJPY closed just above 7921 today and focus is higher towards 7967/82 and ultimately the big round figure (80). If the break is ‘for real’, then price should remain above 7794. 7861/96 is support.

LEVELS: 7861 7896 7923 7967 7981 8010

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