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USDJPY March Low and 50% Retracement in Focus

MENAFN - DailyFX - 11/04/2012


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eliottWaves_usd-jpy_body_usdjpy.png, USDJPY March Low and 50% Retracement in Focus

Prepared by Jamie Saettele, CMT

Failure to hold 8115 triggered a sharp decline in the USDJPY, which is just pips from the March low of 8058. Weakness below there exposes the 50% retracement of the advance from the February low at 8009 (reinforced by the 60 day average). Tuesday’s high serves as the pivot at 8185. 8085 and 8105 are now resistance.

Bottom Line (next 5 days) – ?

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