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#636 (permalink)

10-31-2007, 10:40 AM

north01

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Join Date: Sep 2007

Posts: 2

north01 is an unknown quantity at this point

USDJPY Reversal Today Looks Likely

From today "USDJPY Reversal Today Looks Likely". It said "Commentary: The USDJPY is playing out as expected. It is possible to count 5 waves down from 117.93 so a larger correction is unfolding. “Look for resistance at 115.56 (100% extension of 113.24-115.04/113.76…this is also close to the former 4th wave at 115.72) and the 61.8% of 117.93-113.24 at 116.14. Once we see evidence of a top, we will be getting aggressively bearish (and we’ll let you know here).” The USDJPY is close to its objective (115.50) so look for a top and reversal today.

Strategy: Get short close to 115.50, against 117.00, target below 111.59

I just wonder this is possible or not. Because this has to really cooperate with stock market, ie stock market collapse. If not, then JPY hard to breakthrough 114.

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