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USDJPY Registers 6th Consecutive Down Close

USDJPY Registers 6th Consecutive Down Close

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usdjpy_body_usdjpy.png, USDJPY Registers 6th Consecutive Down Close

Prepared by Jamie Saettele, CMT

A host of analysts and traders-maybe too many-are waiting for the USDJPY to extend upon its gains from the 9/13 low. It’s disconcerting that the 61.8% retracement of the rally from 7712 (61.8% is 7792) failed to hold, especially on a daily closing basis. As such, it’s wise to identify levels that would come into play below 7712. A cluster of Fibonacci retracements rests between 7573 and 7583, which is just in front of the February and all-time low at 7556. The USDJPY does have a tendency to make V shaped bottoms. A decline into said zone and rebound would qualify.

LEVELS: 7682 7712 7748 7790 7840 7890

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