WEEKLY ELLIOTT WAVE ANALYSIS ON USD/JPY
[B]27 Nov 2013[/B] [I]13:09GMT[/I]
. [I] USD/JPY - 101.78 [/I]… U.S. dollar found renewed buying at 96.55 in Oct n rallied abv 100.62 (Sep’s high) n 101.53 (Jul’s high), suggesting the triangle-like consolidation fm this year’s high at 103.74 (May) has possibly ended earlier at 93.78 in Jun n LT rise fm record low at 79.75 shud resume for re-test of aforesaid key daily res at 103.74 later, possibly in Dec.
. Our labelling of the low at 79.75 major wave [3] trough n 147.64 is the
major wave [4] terminus. The decline fm 147.64 is the ‘final’ wave [5] which has ‘possibly’ ended at 75.32 in Oct 2011, the subsequent rally is an impulsive wave with 1::75.32-84.18; 2:77.13 n we are taking the view that wave 3 has ended at 103.74 n wave 4, which developed into a triangle with a:103.74-93.78, b:101.53, c:95.79: d:100.62 n e:96.55 n wave 5 is now in progress n a re-test of 103.74 wud be seen soon, abv wud extend gain to 105.00 later.
On the downside, only below 99.00/01 wud suggest wave 4 is still
developing n may bring another drop to 96.55 but renewed buying shud emerge well abv key daily sup at 93.78 (Jun’s low).
------------------- *** LARGER DEGREE WAVE COUNT *** ---------------------------
[I]17 NOV 2011…[/I]The break of 79.75 (95’) signals this was the major wave [3] trough n wave [4] ended at 147.64 (Jul 98), subsequent erratic fall is wave [5] which is unfolding into diagonal A-B-C-D-E : A-101.25, B-124.14, current C-wave is a 3-legged move with (a.) wave trough at 87.10, (b.) wave top at 101.45 n (c.) 75.32 ?