USD/JPY Reaches First Long Term Target

DailyFX

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eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Reaches First Long Term Target

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDJPY reached its first inverse head and shoulders target of 9279 on Friday. The more aggressive target is just above the 2010 high of 9498 at 9547. Price is nearing initial support from 9177-9207. A break there would expose the 1/30 high at 9140 and create overlap with the rally form 9032. That would be a sign that something bearish is in the works. Until then, stand aside.

FOREXTrading Strategy: Flat

LEVELS: 8927 8965 9024 9160 9300 9500

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