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Elliott Wave Overview: USDJPY And US Bonds

Jul. 22, 2013 10:49 AM ET
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USD is under pressure across the board after worse than expected US Existing Home Sales numbers (5.08M vs. 5.27M exp). US bonds are up which means lower US yields that is driving USDJPY down. On that pair we can see prices now slightly below channel support line that may cause a downtrend continuation later in sessions and days ahead if today pair will close somewhere around 99,00 or lower. We will adjust the wave count if 100.15 level will be taken out.

Here is a detailed outlook for US bonds; tracking a double zig-zag from the lows. Prices are now already in wave (c) of a second zig-zag that may hit resistance around 136 later this week. Keep in mind that larger trend for this market is still down, and that current rally from 132 is probably pause in bear market.
US bonds 4h

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