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USDJPY Risk on Shorts Moved to Friday’s High

USDJPY Risk on Shorts Moved to Friday’s High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usdjpy_body_usdjpy.png, USDJPY Risk on Shorts Moved to Friday’s High

Prepared by Jamie Saettele, CMT

The USDJPY technical condition is little changed. “Viewed in the context of 3 wave rallies at multiple degrees of trend, yesterday’s USDJPY reversal at 7960 should be respected. 7960, as highlighted throughout last week, is defined by the 61.8% retracement of the decline from 8061 and the 161.8% extension of the 7790-7879 advance. I’m looking lower.” Risk on shorts can now be moved down to last week’s high. A drop to a record low remains favored.

LEVELS: 7735 7765 7790 7835 7855 7885

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

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