usd-jpy

No change to yesterday’s analysis – “The bigger picture pattern is constructive. Either a triangle or complex correction is underway since December 2008.  The next leg should be up towards 101.50 (maybe even above).  I laid out a possible scenario for price action since 88 last week, which seems to be playing out – “One possibility is a leading diagonal as either larger wave A or 1 from 88 to 92.35.  A larger B or 2nd wave is underway from 92.35.”  That correction may be complete at the ‘panic low’ that occurred Sunday night.”

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.  Send requests to receive his reports via email to jsaettele@dailyfx.com.
 

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