Japanese Yen Reverses at Elliott Channel – Objective is 7400
Prepared by Jamie Saettele, CMT
“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.” Yesterday’s rally is nearly entirely retraced and a break to a new low would shift focus to 7403 (width of consolidation subtracted from breakout level of 7594).
Trend Strength (M,W,D) – (2), 0, 2
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