USDJPY Breaking Down and Threatens June Low

Daily Bars

Prepared by Jamie Saettele, CMT

No change: “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: 7677 7735 7765 7800 7835 7885