Please see my previouse post on USD/JPY here first: http://theelliottwavesufer.blogspot.dk/2012/12/elliott-wave-analysis-of-usdjpy.html
With the break above 84.18 we knew, that the possible bearish triangle was invalidated and the bullish count was the correct one. We are just a few pips from the next important confirmation as a break above 85.52 will confirm the the rally higher towards 92.38 as the next major target. However I would expect this rally to be much bigger and could make it all the way to 101.82 before the next bigger correction is seen. That said we might only be in the very early start of a new major rally, that will have its first major target at 124.16.
Hi EWS,
ReplyDeleteI'm getting quite impressed with your work. I am wonderering if it is possible that we get a pullback below red i or do you think the usd/yen is off to the races?
Hi Todd,
ReplyDeleteIt's a possibility, but as we are in wave iii of 3 I would not bet on that outcome. I would rather bet on the continuation higher is USD/JPY.
Kind regards
EWS