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Euro Near the End of Corrective Rally Against Yen
Wednesday, 12 March 2008 20:10:50 GMT
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We exited the GBPUSD long from yesterday at 2.0248 for a 188 pip profit. Currently, we see a bearish setup in EURJPY. A spike through 159.20 should lead to a reversal. The next bear leg is expected to eventually break below the August 2007 low of 149.25.
The drop from 167.64 can be viewed as a series of 1st and 2nd waves (following a major truncated 5th wave). Therefore, the EURJPY is entering a 3rd of a 3rd wave decline; often the fastest part of the decline. The larger bearish bias is intact as long as price is below 161.40.
Near term, a spike through 159.20 is likely; in order to complete wave c of ii. A likely reversal point is the 61.8% of 161.40-155.93 at 159.31. The 78.6% at 160.23 could also provide resistance.
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