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

Japanese Yen Major Trendline at 7880 This Week

By Jamie Saettele | DailyFX – Mon, Feb 13, 2012 5:26 PM EST

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USDJPY=X79.4920-0.10

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Major Trendline at 7880 This Week

Prepared by Jamie Saettele, CMT

The USDJPY had no problem with the 7730 level but was turned back by a Fibonacci extension confluence at 7780 (161.8% extensions of 7602-7680/7651 and 7651-7718/7670). Upside momentum is strong and new highs are favored. 7740/50 is now support and focus next week is the January high at 7828, which is also defined by the 261.8% extensions of the previously mentioned levels. The true test will be a long term trendline and 52 week average just under 7900.

Bottom Line – long, stop 7670, target open

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1 comment

  • dariusm
    dariusm  •  Menomonee Falls, Wisconsin  •  3 months ago
    Jamie, if you connect the high points in your chart, or even better in daily chart, you find a high of 77.90 for now, which we have almost reached it. We are headed lower to 77.15 and then 76.70 and my final target of 75.65.
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