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Japanese Yen Surges (USDJPY Tumbles)

Japanese Yen Surges (USDJPY Tumbles)

2011-02-24 16:30:00
Jsaettele,
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eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Surges (USDJPY Tumbles)

Prepared by Jamie Saettele

“One can view the USDJPY action since November as consolidation prior to a continuation of weakness or a basing pattern that will lead to a break higher.” The surge earlier this month suggested that the resolution would be bullish but that’s why it’s dangerous to jump the gun. This decline has me thinking that the pattern from the November low is a bearish triangle. Coming under 8110 would confirm an intra month reversal. The battle lines are drawn.

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