Mon, May 28, 2012, 1:49 PM EDT - U.S. Markets closed for Memorial Day

Japanese Yen January Pivot of Interest at 7828

By Jamie Saettele | DailyFX – Thu, Feb 9, 2012 6:39 PM EST

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SymbolPriceChange
JPYUSD=X0.01260.00

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen January Pivot of Interest at 7828

Prepared by Jamie Saettele, CMT

The USDJPY had no problem with the 7730 level and is nearing a Fibonacci extension confluence at 7780 (161.8% extensions of 7602-7680/7651 and 7651-7718/7670). Upside momentum is strong and risk on longs can be moved up from 7600 to 7670. 7740/50 is now support and focus in the coming days is the January high at 7828, which is also defined by the 261.8% extensions of the previously mentioned levels.

Bottom Line – long, stop 7670, target open

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1 comment

  • dariusm
    dariusm  •  Menomonee Falls, Wisconsin  •  3 months ago
    Thanks again Jamie. The short sellers are the final winners, just for going against your posting recommendations.. I went short at 76.80, 76.90, 77.30 and the last quarter of my short positions at 77.55. I am sitting firm to finally cover all my short positions at 75.65.
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