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Japanese Yen Breaks to Record–Setting Up for Early November Reversal

Japanese Yen Breaks to Record–Setting Up for Early November Reversal

2011-10-21 15:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Breaks to Record–Setting Up for Early November Reversal

Prepared by Jamie Saettele, CMT

The USDJPY has finally broken down, confirming the 5th wave interpretation. Look lower towards the measured 7400 level. I plan on playing an early September reversal. Previous - “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

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