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By Jamie Saettele, CMT, Sr. Technical Strategist 14 September 2011 15:56 GMT “The USDJPY daily Bollinger bands are extremely tight, which warns of a breakout. When the bands are this tight, the initial breakout is often of the false variety. In this case, the break above the second standard deviation band qualifies as the false breakout. With price reversing from the recent high, respect the potential for a downside break.” The rally from the low is corrective and price has broken its short term trendline support. Look lower. 7630/40 is short term support although I do favor a drop to a new record.

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14 September 2011 15:56 GMT

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