Yen Technical Outlook

The triangle continues to play out. Wave e of the triangle should complete later this week. There is potential support at 95. There may be an opportunity to go long the USDJPY soon against 93.50 on anticipation of the terminal thrust that will end above 101.50. However, in looking at multiple markets (equities, metals, oil, FX), it appears that fear is about to return to the markets with a vengeance. As such, the USDJPY count in which the drop from 101.50 is a series of 1st and 2nd waves would be preferred. 93.50 defines the trend (above is bullish and below is bearish).

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