Friday, July 9, 2010

Yen

click to sharpen etc
A test of the resistance line is likely, and a minor throw over common and should be expected before any serious reversal.
Note the MACD crosing up, and the  amount of time the Yen rallied after previous cross overs. 
There also appears to be a seasonal tendency to rally from early summer to end of year / mid winter.
The 4th wave described above looks to be over or nearly so, if the .382 holds. Otherwise it may retrace a little further to the 50% point. In any case obviously a series of 5's will carry it to new highs to test the longer term resist. around 117.

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