Context:
from May 28 Yen Again
from June 15 Yen Look Out
from June 29 Asia etc.
from July 9 Yen
click to enlarge
The 1995 high of 1.2478 to the 1998 low of .6787 is retraced 85% at 1.1624 (pardon me for moving the decimal around, really reflects the chart expression).
The high of Nov.2009 was at 116.21
So obviously with the 85% retrace about to be tested close observation will be in order.
Long Yen is a crowded trade. And I believe the count I have is getting rather mature, with one more high potentially completing at least a medium term objective.
Note the RSI neg divergence.
There has been a lot of abc structuring since 1998 so I , II and III may turn out to be abc.
The III leg will equal the I or c=a , at 116.11.
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