Anyone follow this currency? Seems to be coming up on resistence around 78 and curious to see what people's thoughts are. IMO, it breaks back down to the 73 level before heading up above 78 longer term. No real reasoning for this except that's what it seems like it's going to do. If it breaks upwards, that would also be nice - just don't expect it to. Any general AUD or JPY thoughts are welcome as well.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=198880 Follow the policy of the new Japanese PM. He is not a fan of a strong JPY...
Hello Soon2Bgreat, I took a look at this one through the lense of my analysis so the attached chart is my interpretation. It could still test current highs as USD/JPY appears to have gotten a B12 shot and flexing it's muscles this morning but still at top of range and could just be busting stop orders. Watch price today according to that blue support line and see if it holds beneath as this could be it's breaking pt. The Wave patterns look complete and ideal but this thing has been relentlessly testing highs before it reverses so patience and confirmation will be key here.