Japanese Yen Remains Quiet
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).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.