Usd/Jpy: Ready For A Fall?!
May 24 2011
Usd/Jpy found some bid in recent days, but nothing significant. The price action is slow, with very small volume involved and still trapped within a trading channel; so for now its clear indication of a corrective price action. As such, we believe that this pull-back is a complex wave B), with lower wave C) yet to come. A break below the corrective channel line should provide weakness within a lower wave C) towards and even below wave A) 79.57 support.
Strong resistance seen at 82.30 and 82.80-previous wave 4 high!
Usd/Jpy 4h chart:
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