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FOREX Technical Analysis: USDJPY Closes above July High

FOREX Technical Analysis: USDJPY Closes above July High

2012-10-25 23:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USDJPY Closes above July High

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDJPY rallied after consolidating for 2 days. 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.” Levels to keep an eye on moving forward are 8064 and 8150.

FOREXTrading Strategy Implications: Market risk is higher but still against 7921. One cannot dismiss a drop below 7969 before bullish continuation as per near term wave structure.

LEVELS: 7886 7921 7969 8065 8100 8148

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

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