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USDJPY Drift Lower Enters Day 4

USDJPY Drift Lower Enters Day 4

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usdjpy_body_usdjpy.png, USDJPY Drift Lower Enters Day 4

Prepared by Jamie Saettele, CMT

The drop from the 9/19 high is deep and confidence in the upside is low as a result. The decline has resulted in more than a 61.8% retracement of the rally from 7712. If the larger trend has turned up, then price should remain above 7750 (save for a spike). Exceeding 7832 would increase confidence in the upside.

LEVELS: 7712 7748 7774 7815 7832 7890

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