USDJPY to top soon?

Hi Traders,

The long running uptrend of USDJPY (now at 117.91) - that started on OCT 31 2011 - could finally come to an end by topping in the area 124-126.

This should be followed by a retracement to the area around 111-109.


TARGETS

first up to:

likely: area 123.734-124.088
possibly: area 124.797-125.683
maybe: 125.759-126.330

then down to:

likely: 115.759-114.962
possibly: 111.683-111.329
maybe: 108.898


ELLIOTT WAVES

The monthly and weekly charts show that wave 9 is approaching the target. In the daily and 4-hour charts this would be wave 13.

In the 4-hour and 1-hour charts note wave 1 and 2 which mark the beginning and the end of the triangle. They will be followed by 3 wave up to the target.




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge

AUDUSD to stop at 0.78?

Hi Traders,

The AUDUSD needs another little dive just below the 0.78 area before finding some temporary strength to start a trading range between 0.78 and 0.837

TARGETS

first down to

likely: 0.7800
possibly: 0.7693-0.7676

then trading range between 0.78 and 0.837

ELLIOTT WAVES

Weekly and daily charts indicate that the Aussies dollar has almost completed wave 3 (out of 5). This "wave 3" of a major degree is made out of 5 little waves of a minor degree (see 4-hour and 1-hour charts). We still need "minor wave 5" to complete "major wave 3" down.

Then the AUDUSD should be able to bounce back and start the trading range above mentioned. This trading range could eventuate as an "a-b-c-d-e triangle".




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge