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Japanese Yen Reverses at Fibonacci Objective

Japanese Yen Reverses at Fibonacci Objective

2011-03-22 14:41:00
Jsaettele,
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Daily Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Reverses at Fibonacci Objective

Prepared by Jamie Saettele

Amazingly, last week’s USDJPY plunge reached a Fibonacci level, the 161.8% extension of the triangle when extended from its terminal point (the end of wave e). Panic declines of this sort tend to mark important lows. The initial move off of the low may be unfolding in 5 waves as well (a pop above 8198 would make 5 waves).

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