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Japanese Yen Elliott Channel Line at 7745 Today

Japanese Yen Elliott Channel Line at 7745 Today

2011-10-11 15:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Elliott Channel Line at 7745 Today

Prepared by Jamie Saettele, CMT

“For the first time in months, USDJPY wave structure is clear. In fact, the low volatility environment suggests that a 4th wave is likely unfolding from the August low. 4th waves are usually triangles or flats and notoriously choppy and/or slow. In this case, a triangle is more likely given the current position of the Elliott channel. As such, the USDJPY range may actually tighten before the final break lower in a 5th wave to record lows. A reversal of epic proportions will then be expected.”

Trend Strength (M,W,D) – (2), 0, 0

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