Guest Commentary: MarketVisionTV - $JPY - The End of A Bull Market?!
The suspected correction projected by the break down from the wedge is now solidly underway and we have even managed to break down through the wider uptrend and pivotal support at 80.80. The Wave count remains the same in that 80.00 was the end of wave 4 and the 5 leg 5th wave thus ended at 81.85 to complete the first leg of the new medium term uptrend. The decline since is holding within a good down channel and we suspect will take a 5 wave form to complete the A wave of a larger corrective process. Thus look for down channel resistance in the 81.20 area to cap for a drop to the channel bottom at 80.25. An extension to 4th of a lesser degree at 80.00 is possible. Once A is complete a messy B wave should ensue before the Dollar attempt the minimum 38.2% 79.60 corrective target. Only over 81.60 reverses and opens the chance of 82.20-30.
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