Guest Commentary: MarketVisionTV - USDJPY Clarity within Erratic Consolidation!
Despite remaining within seemingly erratic 75.55-79.50 consolidation, $ Yen is showing real short term clarity. As following a clear five decline to 75.95 it has held 76.40 to maintain what appears to be a five wave recovery that is set to spike the 76.80 38.2% retracement to 77.10 the 50%. Since this should be enough at least for 76.40 again and a likely attack on the 75.95 low I am selling in the short term. However, until 75.95 yields, the reality is consolidation and therefore the prospect of a later larger recovery to 77.35 before lower. Only a break of 78.30 can alter the emphasis of bearish consolidation.
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By Ed Matts, MarketVisionTV.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.