USDJPY – wave-D of triangle approaching 99.35/100.59 targets

So 96.91 support held as expected. The 99.35 target is simply the downtrend from May, the 100.59 target is where wave-D = wave-C(.618) which is a common relationship in triangles. This triangle is in wrapping up over 3 months of lower highs & higher lows and we continue to watch for a soon to be realized breakout and a Wave-5 rally to complete a 5 wave impulse that began in October of 2011.

S/t, prices are rallying through 99.65 as wave-c of D higher approaches channel resistance. Support is now the new pivot zone at 98.15. Once the upside target zone is reached, one final wave-E pullback would complete a textbook triangle ahead of a continuation of the l/t uptrend.

Read the full report: USDJPY



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