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USD/JPY
The decline from the 103.73 high to the 93.79 low was clearly in five wave, while the rally of the 93.79 low is in three waves, that calles for one more decline in a Picture perfect zig-zag correction. The ideal target for wave c of this zig-zag correction is at 90.98, where wave C will be equal in length to wave A.
Short term we should see resistance at 100.85 protect the upside for an impulsive decline to just below 97.00 and long term we should be looking for much lower levels before this correction finally comes to an end.
The decline from the 103.73 high to the 93.79 low was clearly in five wave, while the rally of the 93.79 low is in three waves, that calles for one more decline in a Picture perfect zig-zag correction. The ideal target for wave c of this zig-zag correction is at 90.98, where wave C will be equal in length to wave A.
Short term we should see resistance at 100.85 protect the upside for an impulsive decline to just below 97.00 and long term we should be looking for much lower levels before this correction finally comes to an end.
Thank you for this update. It will be interesting to compare with your next USD/Euro update.
ReplyDeleteI totally agree with this charts ;)
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