300 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png,

Prepared by Jamie Saettele, CMT

Recent commentary was that the USDJPY is testing its record low and a break would shift focus to 7500 and a Fibonacci measurement at 7258 (161.8% extension of initial decline from April high). The objectives were not met but this latest drop under 7600 and reversal may complete a terminal thrust from a triangle. Triangles often precede the final move of a larger pattern. RSI divergence with the low on the daily, weekly, and monthly warn that an important low may be forming. 7630/50 is potential short term support.