FOREX Technical Analysis: USD/JPY Testing Early 2009 Low

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eliottWaves_usd-jpy_body_usdjpy.png, FOREX Technical Analysis: USD/JPY Testing Early 2009 Low

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDJPY has made immediate progress from its long term inverse head and shoulders break. Near term, the move is stretched as evidenced by a daily RSI of 87 on Tuesday! The traditional h&s measuring technique yields an objective of about 9362. Currently testing steep upward sloping channel resistance and lows from late 2008 / early 2009, a pullback is expected soon. 8565-8600 is initial support.

FOREXTrading Strategy: Looking to short either above 8800 or below 8650.

LEVELS: 8565 8616 8654 8733 8814 8900

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