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The Yen crosses are in large corrections.  Range opportunities exist.

Last update was “the EURJPY has plummeted and is nearing the 2003 low at 124.12.  This potential support along with 5 waves down from 170 and the daily position of RSI suggest that the EURJPY will form some sort of bottom soon.”  In terms of time, the outlook was correct as the EURJPY managed to form a low on Oct 27…but 1000 pips lower at 113.59.  A rally into the 141.78-145.74 zone is likely underway now as a correction of the drop from 1.70.  Near term, the pair could drop below 121.35 before strength resumes.   

The GBPJPY is in the same position as the EURJPY.  Expect a rally, which could be sharp but should prove corrective, to reach the Fibonacci zone at 173.22-182.47.  182.47 is also the former 4th wave extreme.  A drop below 153.26 is possible before strength resumes.

The long standing target of 78.88 has been reached.  Near term, it should as no surprise that the CHFJPY is headed higher in a rally (which should prove corrective).  Potential resistance is 90.97 (reinforced by the 10/14 high) and 94.13, which are the 50% and 61.8% retracements of the drop from 105.17.

The sharp advance from the October 24 low of 70.92 is probably wave 4 within a 5 wave drop from 125.64.  The October 14 high at 91.09 may serve as resistance.  Parallel Elliott channel resistance reinforces this area at the end of December.  

The rally from 55.01 in the AUDJPY is viewed as wave 4 within the drop from near 108.  75.84 is potential resistance (50% retracement and 10/14 high).  Like the other Yen crosses, the path is taken to get to this point will not be in a straight line.  There is potential for weakness near term, to below 65 or 63 before the corrective advance resumes.

The rally from the 2000 low is best counted as a 3 wave rally and the decline from the 2007 high (July) is best counted as 3 waves as well (two motive/directional waves separated by a triangle).  A multi-decade triangle may be unfolding.  The implications are that a large multi decade triangle or flat is underway.  The next leg in the triangle would be higher towards 80.  Short term, support is below 55.50.

Jamie Saettele writes Forex Technicals: The Day Ahead, Monday-Thursday (published 6-7 pm EST), Daily Technicals  every weekday morning (9-10 am EST), COT analysis (published Monday mornings), and analysis of currency crosses throughout the week.  He is also the author of Sentiment in the Forex Market.