Japanese Yen at Elliott Channel Resistance and 3rd Deviation Band
Prepared by Jamie Saettele, CMT
The USDJPY has finally done something – it moved! The sharp advance may be the beginning of the end of the wave 4 correction that has been unfolding since August. Currently testing Elliott channel resistance, 7784 is also resistance. As long as price is below 7956, I favor a top, reversal and decline to all time lows in order to complete 5 waves down from April.
Trend Strength (M,W,D) – (2), 0, 0