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USDJPY Consolidates Before Bank of Japan Decision

USDJPY Consolidates Before Bank of Japan Decision

2012-09-18 21:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usdjpy_body_usdjpy.png, USDJPY Consolidates Before Bank of Japan Decision

Prepared by Jamie Saettele, CMT

Today’s inside day offers points of reference to manage longs. Risk can be moved from 7750 to 7815 as a drop below 7815. Exceeding 7892 would increase confidence in an extension towards 8009 and 8960. “I maintain that the USDJPY drop on 9/13 completed a terminal thrust from a triangle. The minimum objective is the top of the triangle at 8061 although interruptions are to be expected along the way, specifically 7903, 7965, and 8009.” 7847 remains support.

LEVELS: 7774 7816 7846 7903 7965 8009

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