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USDJPY Trying to Carve Powerful Base

USDJPY Trying to Carve Powerful Base

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usdjpy_body_usdjpy.png, USDJPY Trying to Carve Powerful Base

Prepared by Jamie Saettele, CMT

The USDJPY has stabilized following Wednesday’s reversal from above 7900. “The drop has retraced slightly more than 50% of the advance from 7712, tested the Monday low at 7816 and held the figure. The 61.8% retracement at 7792 and 9/12 high at 7796 is now support. “The pattern described in recent days remains the same. That is, the drop last week after the Fed composes a terminal thrust from a triangle. The implications are for a return to the top of the triangle at 8060. I am bullish.” Also worth nothing is the possibility of an inverse head and shoulders with an upward sloping neckline (more bullish than downward sloping).

LEVELS: 7750 7774 7796 7855 7890 7921

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