USDJPY Chart 2

USDJPY - Approaching An Intermediate Top

USDJPY - "Approaching an Intermediate Top" by DanV on TradingView.com

6 February 2013

Updates and comments

Strong move of the low defined by clear sharp rising narrow channel still continues to contain the USDJPY but is now approaching an intermediate top in the area around 94. The a noticeable correction is likely to take place in the form of wave 4 in the current cycle before continuing higher.

Whilst counter trend trade might be possible by shorting around 94, I would rather wait for the retracement to 90 area or lower to go long. Most other pairs likewise could also show similar pull back. Longer term YEN will continue to remain weak for the foreseeable future against all major currency pairs.

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