Thursday, December 13, 2012
Elliott wave analysis of USD/JPY - Important break above 83.00
First see my post on the bullish contra the bearish scenario from December 7 here: http://theelliottwavesufer.blogspot.dk/2012/12/elliott-wave-analysis-on-eurusd-and.html
I think the most important development in the Currency Market yesterday was the break above 83.00. With that break we have gotten the first serious clue, that the bullish scenario I described on December 7 is the right scenario, but we still need a break above 84.17 to get the real confirmation. If we do break above 84.17 as I expect we should be looking for much higher levels in the coming weeks and months. If red wave iii of iii has indeed begun we should expect this wave to be extended and the target for red wave iii could be at 101.73.
Short term 83.00 will now act as support, with a more important support at 81.69.