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Japanese Yen Focus Remains on a Blowoff

Japanese Yen Focus Remains on a Blowoff

2011-10-28 15:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, Japanese Yen Focus Remains on a Blowoff

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 November (bullish) 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, (1)

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