USDJPY 3 Wave Decline Confirms Bull Trend
240 Minute Bars
Prepared by Jamie Saettele, CMT
The USDJPY drop into 8200 is in 3 waves (corrective) and reinforces confidence in the larger bull trend (3 waves denotes countertrend moves). Focus remains on the March high above 8400 as long as price is above 8260. The 2011 high at 8550 is a target in the event of a break higher. A drop below 8260 would leave the rally from 8195 in 3 waves and suggest that the market is in a larger more complex correction towards 8120/60.
Bottom Line (next 5 days) – higher