USDJPY Spike below 7765 May Complete Short Term Pattern

240 Minute Bars

Prepared by Jamie Saettele, CMT

"The USDJPY decline from 8061 appears to be unfolding in an impulsive manner (wave 3 extended). As such, strength should prove corrective and give way to new lows. Resistance is clustered between 7868/80 (former pivots and 38.2% retracement)." Friday's high was 7867 and the decline from there 'fits' as wave 5 within the 5 wave decline from 8062. The implications are for a drop below 7794 and probably 7765 before a recovery.

LEVELS: 7700 7765 7794 7880 7915 7940