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USDJPY Large Range Day Produces Pivot at 7921

USDJPY Large Range Day Produces Pivot at 7921

2012-10-22 21:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USDJPY Large Range Day Produces Pivot at 7921

Prepared by Jamie Saettele, CMT

My most recent comments were that “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.” The USDJPY has gone straight up since Thursday and formed a JS Thrust (JST) day today. JST days are useful in establishing reference points to trade from, especially at high risk levels (like now) where being bullish feels like chasing. In this case, Monday’s low at 7921 is the pivot. Bu picky with entries…7960 is support. I favor longs into 7960 against 7920 for extension towards 8150.

LEVELS: 7921 7958 7976 8009 8062 8148

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