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FOREX Technical Analysis: USDJPY Consolidates at Key Level

FOREX Technical Analysis: USDJPY Consolidates at Key Level

2012-10-24 23:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USDJPY Consolidates at Key Level

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDJPY is little changed. To review, price formed a “JS Thrust (JST) day Monday. JST days are useful in establishing reference points to trade from, especially at high risk levels (like now) where being bullish feels like chasing.” The last 4 bullish breakout bars (daily) are Monday, 8/16, 6/21, and 2/9. The only one that worked was 2/9 although it worked amazingly. This is why 7920 is so important.

FOREXTrading Strategy Implications: Market risk is higher against 7921 towards 8150. If 7921 fails to hold, then the break that everyone is waiting for isn’t underway yet.

LEVELS: 7886 7921 7946 8009 8062 8148

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