USDJPY – bear flag leads to final wave-E decline targeting ~96.40

The idealized end to this 3+ month triangle would be a decline to the uptrend line at ~96.40. If prices break the wave-C low at 95.81 the higher lows and bullish triangle are no longer valid. Eventually confirmation will come from a close through the upper boundary line and more conservatively the wave-D high at 99.15. Our long-term outlook remains fixed on an a move to near 106.

S/t, the resolution lower form this month’s bear flag is part of the final wave-E. $JPY is testing the flag break but the move through 96.90 support o/n clears a path for more downside to ~96.40. Look for a consolidation (sideways/higher) of the move lower from 99 ahead of the final decline.

Read the full report: USDJPY



Powered by WPeMatico

This entry was posted in Forex. Bookmark the permalink.

Comments are closed.