USDJPY Spikes into June Low-Trades Lowest Since February

Daily Bars

Prepared by Jamie Saettele, CMT

The USDJPY took out the June low and registered its lowest daily close since early February. The drop satisfies minimum expectations from the 3 wave advance off of the June low. The downside bias has proved correct but the USDJPY is notorious for false breakouts. Moreover, some measured of volatility spiked to their highest levels since June 1 (an important low). Beware of a snap back above 7800.

LEVELS: 7555 7602 7712 7800 7835 7900