Jul 232012

My last Elliott Wave update on USDJPY was a very long time ago. Of course, corporate treasurers who have been in touch with me had received guidance more often! I am presenting you three charts of USDJPY today with ELliott Wave counts marked clearly. Interestingly, wave 3 had extended and travelled 261.8% of wave 1. We then saw Wave 4 recover and correct wave 3 by 50%. The ensuing fifth wave is underway, and it looks to me like we will see it down to 76.70 in the coming days.
Allow for some respite near 77.20, but eventually we should break down.
Any rhetoric from BOJ about FX levels should be viewed as an opportunity to sell!

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