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Japanese Yen Focus on 7975

Japanese Yen Focus on 7975

2011-03-24 15:09:00
Jsaettele,
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60 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen Focus on 7975

Prepared by Jamie Saettele

The USDJPY has gone silent following last week’s extraordinary decline and subsequent recovery. The rally is left as a 3 wave zigzag, which is corrective. The possibility does exist for a more bullish series of 1st and 2nd waves but this week’s sideways trade looks like a triangle. Triangles occur only as 4th, B, or X waves. Under the proposed count, the next move is lower (below 8050) in a c wave towards 7974 (former resistance and 38.2% retracement).

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