Thursday 29 January 2015

USDJPY to top soon?

Hi Traders,

The long running uptrend of USDJPY (now at 117.91) - that started on OCT 31 2011 - could finally come to an end by topping in the area 124-126.

This should be followed by a retracement to the area around 111-109.


TARGETS

first up to:

likely: area 123.734-124.088
possibly: area 124.797-125.683
maybe: 125.759-126.330

then down to:

likely: 115.759-114.962
possibly: 111.683-111.329
maybe: 108.898


ELLIOTT WAVES

The monthly and weekly charts show that wave 9 is approaching the target. In the daily and 4-hour charts this would be wave 13.

In the 4-hour and 1-hour charts note wave 1 and 2 which mark the beginning and the end of the triangle. They will be followed by 3 wave up to the target.




monthly chart - click to enlarge








weekly chart - click to enlarge








daily chart - click to enlarge








4-hour chart - click to enlarge







1-hour chart - click to enlarge







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