CADJPY
CHFJPY
NZDJPY
Keep up with the action in the Yen crosses at our recently updated Yen Currency Room
Commentary – We wrote last week that “additional bearish potential remains. Long term objectives for the CADJPY are at 99.16 and 88.23.” After plummeting to 101.94 this morning, the CADJPY has reversed and is nearing resistance from the 38.2% of 109.97-101.94 at 105.00. The longer term bias is bearish as long as price is below 109.97. Potential resistance above 105.00 is the 50% at 105.95 and the 61.8% at 106.90.
Strategy – Bearish, against 109.97, targets at 99.50 and 88.50
Commentary – The CHFJPY completed its terminal thrust at 12/28 at 100.32. The pair is headed lower, possible below the August low of 92.15 in the coming weeks. Risk can be moved to 99.34 now but resistance should be strong at 97.73 (61.8% of 99.34-95.12 and the 1/18 high).
Strategy – Bearish, move risk to 99.34 (from 100.23), target TBD
Commentary – We wrote last week that “the decline from 97.74 to 74.25 is considered wave A within a large A-B-C correction from 97.74. Wave B was a triangle and is probably complete at 86.18. This means that wave C is underway now, which will probably be violent and fast – and has the potential to drop below 70.” Wave B was complete at 86.18 and it remains our contention that wave C down is underway towards an objective below 70. Resistance should be strong near the 61.8% of 86.18-78.16 at 83.12.
Strategy – Bearish, against 86.18, target below 70
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