Yen appears to be accelerating lower after the minimal retrace made when I last updated this chart a few weeks ago. I’m assuming this is the early stages of (iii) of [v] or [c] down. Minor support being tested now at 0.008994 though I don’t think it will be very firm. Prefer lower targets at 0.008789 or 0.008643 before a more substantial bounce.
As an exclusive update for our newsletter readers, we wanted to highlight some trading opportunities in currencies that should manifest during the first 1-2 months of 2020.
As a reader of our free newsletter, we wanted to give you some fresh charts to show how well the Japanese Yen responded to the resistance we mentioned earlier. The levels worked well to produce a reversal trade.
The expected reversal may have begun
out of an Elliott wave triangle
We’re looking at how the upcoming currency moves might play out for the Japanese Yen and the related ETF.
This spring might see a downward cascade