Saturday, 21 October 2017

The YEN: what's next

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ANALYSIS


The present rally of the USDJPY (now at 113.50) started on Sept 8th, 2017 and  should temporarily top around 115.6-116.0. The subsequent retracement could take it back to 113.2 before resuming the uptrend.


ELLIOTT WAVES

The red trend line on the historical chart and the magenta trend line on the monthly chart represent the 69 y/o historical trend line drawn from level 320¥ through the tops at 280¥, 265¥ and 126-125¥. That trend line is about to be crossed (breakout) around the 116-119 level by the present uptrend.

The monthly chart shows a huge a-b-c on the making where wave-a and wave-b are fully deployed already. Conversely, Wave-c is actually unfolding right now and should top around 150-165. Others think it will top at 230.

The weekly chart reveals that the present uptrend - started in June 2016 - has already completed 4 waves up.  Wave-5 should reach level 127 as a minimum.

The daily chart shows wave-4 and the unfolding of wave-5. The 4-hours chart reveals that we are approaching the top of wave-3 (in blue, font 12) around 115.6-116.0.




Historical chart, click to enlarge






Monthly chart, click to enlarge





Weekly chart, click to enlarge






Daily chart, click to enlarge






4-hours chart, click to enlarge