This spring might see a downward cascade
When I last posted charts on Japanese Yen, I was looking for a bounce up from a possible (d) wave low of a triangle [iv]. It looks like the last wave of that triangle, wave (e), completed at the start of this year. Cycles suggest wave [v] down is in progress and could last till August of this year
The latest bounce retrace was very weak
Two resistance zones to watch
Ready for launch?
We follow up on our September forecast
Does it need to test support again?
There’s a line the trade should not cross
I have reworked my EW count in the Yen to be that of a triangle wave [iv] that needs one more wave up in (e) to complete. The alternate is that wave [iv] was set early this year and prices are set to bounce in wave (ii) of an ending diagonal [v].
Dollar chart says manage your positions