Japanese Yen Objective at 107.07
This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-21
Commentary: We were wrong in our preffered count that wave 4 was still in progress towards 112.00+. The USDJPY has broken down and traded below 109.00 this morning. As long as price is below 110.58, the favored count places the pair in wave iii of 5. There are objectives concentrated in the 108.00-108.50 range, which is fairly close. JPY pairs though have a tendency to extend in 5th waves so lower levels (and quickly) are a very real possibility.
In fact, within the 5 wave bear cycle from 124.13, wave 5 would equal wave 1 at 107.07.
Strategy:Flat (Bearish bias warranted below 110.58).
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