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USDJPY Very Bearish – Now Eying 78.60 While Below 80.60

USDJPY is still very weak since markets opened on Sunday, when market turned sharply bearish from 80.60. When  the pair traded very close to wave (C)=(A) levels.

We’ll notice that prices now already formed an overlap with 79.29 highlighted in our past updates which suggest that wave (C) of E is finished and that bear market is now taking a control.

USD JPY Elliott Wave Analysis June 27 2012

Ideally now wave 2) pull-back is underway which should complete in the next two 24-48 hours, probably around the 79.80-80.00 resistance area. Generally speaking, the trend-line break should occur when bears will accelerate towards 77.60.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.