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Elliott Wave Forecast: USDJPY

Jul. 12, 2013 10:29 AM ET
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USDJPY spiked higher on the intra-day basis, through wave (a) highs and reversed down from 99.65. We are wondering if maybe wave B/2 is already complete. Well, daily close price, the most important price of the day, below corrective channel support line will put weakness in play. If we see another push higher, up to 100 then wave B/2 will become more complex, but still corrective leg and part of incomplete larger three wave decline from above 101.30. In any case bias is to the downside.

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