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USD/JPY: Expect Move Down Towards 98.70 Level

Published 02/24/2014, 12:46 AM
Updated 05/14/2017, 06:45 AM

<span class=USD/JPY Daily Chart" title="USD/JPY Daily Chart" width="474" height="242">

USD/JPY: 102.47

Short-Term Trend: sideways

Outlook: Our bearish view from last week did not play out as the market spent the entire week trading in a tight range between 101.40 and 102.80. I have now re-grouped the waves by a degree, but the main idea remains the same. I expect another leg down towards the 98.70 level. However, the confidence in this call is rather low, so I personally do not want to chase this market anymore.

On the upside, a sustained move above 102.80 will be a bullish development signalling further a rally toward 104.65.

Strategy: Stand aside.

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