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Usd/Jpy "Correction Completed" ?


Elliott Wave Service
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Jul 26 2010

An upward correction is shown on Usd/Jpy, which moved higher recently, just above the 87.56 region from where a turning point is expected. An upward corrective structure seems to be a double zig-zag pattern, labeled as (w)-(x)-(y). If that is the case, then prices should turn into a lower black wave 5 soon, with moves towards the 86.30 lows, while the pair trades below 88.37 wave 1 region. Bears to come!

Usd/Jpy 4h chart:

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