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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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