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Friday, August 12, 2011

USD/JPY - close to an important bottom

Please see this post first:
http://theelliottwavesufer.blogspot.com/2011/08/usd-at-long-term-bottom.html

Having made a new low at 76.29 all structual demands is in place for a long term bottom to be put in at any time now. Ideally we sill see an underthrow of the support line and a move closer to 74.39 before the bottom is finally in place.
As can be seen on the chart above we have clear positiv divergence at all the indicators, which raises the odd, that an important bottom could be close at hand.
What will it take to confirm the bottom? First a break above 82.23 would indicate that the bottom is in, while a break above 85.54confirms the bottom for a rally towards 115 longer term.

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