Jamie's Pick: 02/15/11
I remain a USD bull.
EURUSD - The 100% extension and corrective channel remains intact but the weight of evidence is bearish against 13744. The EURUSD decline from that level is likely a 3rd wave at multiple degrees of trend and expectations are for an acceleration of weakness. 13570-13610 is now resistance.
USDJPY - The USDJPY has traded to a new 2011 high and is approaching a near term bullish objective (161.8% extension of 8110-8247 advance – also watch the steep short term upward sloping resistance line). A move to there might complete a 3rd wave up from 8177 but keep in mind that expectations are for an eventual break above 8450.
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