Thursday, July 3, 2014
Elliott wave analysis of USD/JPY - Wave E of the triangle is almost over.
Well the expectation of a bigger triangle unfolding has well founded and we are now well into the target-area between 101.81 - 102.20. As long as minor support at 101.70 protects the downside, we could still see a move closer to 102.20, but we are very close to a top now and should not expect to much more in regards to the upside.
Once wave E of the triangle is over we should see renewed downside pressure for a thrust out of the triangle towards the downside for a decline to at least 98.38.
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