FOREX Technical Analysis: USD/JPY Bears Have a Lot to Fight above 8778

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eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Bears Have a Lot to Fight above 8778

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: With today’s decline, the USDJPY has already retraced half of the entire year’s rally! Support at and just below the current level is defined by the 1/4 high (8840), 1/16 low (8778), a multitude of trendlines, and the 20 day average. Daily RSI is nearing its own support zone of 50-60 and the lowest level since 12/04.

FOREXTrading Strategy: Intraday volatility has allowed trading from both sides (long and short) and I’ve been disseminating the ideas via Twitter @JamieSaettele. The next move is probably from the long side but from slightly lower levels, towards 8963.

LEVELS: 8683 8778 8813 8933 8963 9024

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