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Japanese Yen Awaits Breakout

Japanese Yen Awaits Breakout

2011-03-07 15:30:00
Jsaettele,
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480 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Awaits Breakout

Prepared by Jamie Saettele

The decline from the February high has me thinking that the pattern from the November low is a bearish triangle. Coming under 8110 would confirm an intra month reversal. Wave e appears to have ended as flat, with the spike to 8300 (which was the 61.8% retracement) completing the pattern. Look lower.

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