Japanese Yen Reaches Fibonacci Extension
240 Minute Bars
Prepared by Jamie Saettele
The USDJPY has reached a near term bullish objective (161.8% extension of 8110-8247 advance). I wrote yesterday that “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.” With the rally from 8309 (composes wave 5 of 3) in 5 waves, the probability of a pullback in wave 4 is high. 8300/13 is support.
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