Update for: 2012-03-26 - 2012-04-01
Posted on: Sunday, 25 March 2012 18:00
Short-Term Trend: uptrend
USD pulled back more than expected but has remained abv the 81.80/81.65 key support level. So, the wave count presented on the chart above is still valid. What's more, the prices remain abv the rising 21-day moving average which indicates the underlying trend is strong. But firm and sustained break abv 83.80 is needed to signal the next leg higher is under way and even in that case the upside is likely to be limited to 84.50/85.00 area. On the downside, below 81.65 negates, risks deeper pullback but the 79.50 support is expected to remain intact from here...
Watch my video below to see my analysis on weekly, daily and hourly chart of USD/JPY. I have come to the conclusion that USD/JPY has already made a Long-Term low: