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Guest Commentary: USD/JPY Cycle is Very Mature

Guest Commentary: USD/JPY Cycle is Very Mature

Eric Morera, Technical Strategist

We believe the USD/JPY has made a long-term low in November 2011, and is making a large degree flat W with the target being reached today, 1/25/2013, with wave ((Y)) that began in September 2012 target being a 1.618 extension of the wave ((W)) move off the lows.

We now expect soon within the next couple of weeks, a three wave move pulling back toward the 85.00 area with the exception being if the pull back proves too shallow we would then likely adapt to the alternate impulsive count view, whereas the count would be a nest at the lows with a pair of wave 1-2’s with the wave 3 ending nearby current levels.

http://elliottwave-forecast.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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