Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

DailyFX Home / Technical Analysis / Articles / Guest Commentary

Guest Commentary: USD/JPY Cycle is Very Mature

By Eric Morera
26 January 2013 01:30 GMT

We believe the USD/JPY has made a long-term low in November 2011, and is making a large degree flat W with the target being reached today, 1/25/2013, with wave ((Y)) that began in September 2012 target being a 1.618 extension of the wave ((W)) move off the lows.

We now expect soon within the next couple of weeks, a three wave move pulling back toward the 85.00 area with the exception being if the pull back proves too shallow we would then likely adapt to the alternate impulsive count view, whereas the count would be a nest at the lows with a pair of wave 1-2’s with the wave 3 ending nearby current levels.

http://elliottwave-forecast.com

26 January 2013 01:30 GMT