Hi Traders,
A new session of our Mentor Program is going to start soon. It includes the greatly effective Six Charts Trading Plan for Safer Entries. Book yourself in for a free informative chat at info[(at)]fxtutors.com or contact Mario D. Conti through Skype at "mariodconti".
ANALYSIS
The USDJPY (now at 111.36) has just started a new rally to the area 124.1-124.8.
A bit of History
The Historical Chart displays 5 waves downwards from the moment the USA unilaterally terminated the Bretton Woods Agreement in August 1971. See Also YouTube for more info.
Before WWII the USDJPY was two ¥ for one $. In 1948 the USDJPY rate was fixed at 360 ¥ for one $ and this rate was kept till 1972. From that moment on, the YEN slowly recovered to 75 ¥ for one $. It was Oct 31, 2011.
ELLIOTT WAVES
Which type of Elliott Wave Pattern started off from 2011 onward? At present it looks like a huge a-b-c. See monthly chart and weekly chart.
The daily chart suggests that wave c will probably made out of 5 waves. Wave 1 and 2 (black, font 10) are in place and wave three is on its wave to 118.
The 4-hour chart shows the a-b-c- that made wave 2.
What are the possible targets for the USDJPY? The closest one is 124-125 but a long term Gann projection suggest that it could easily top at 160-180, let alone that the theoretical value is actually 217.
Historical chart. Click to enlarge
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
A new session of our Mentor Program is going to start soon. It includes the greatly effective Six Charts Trading Plan for Safer Entries. Book yourself in for a free informative chat at info[(at)]fxtutors.com or contact Mario D. Conti through Skype at "mariodconti".
ANALYSIS
The USDJPY (now at 111.36) has just started a new rally to the area 124.1-124.8.
A bit of History
The Historical Chart displays 5 waves downwards from the moment the USA unilaterally terminated the Bretton Woods Agreement in August 1971. See Also YouTube for more info.
Before WWII the USDJPY was two ¥ for one $. In 1948 the USDJPY rate was fixed at 360 ¥ for one $ and this rate was kept till 1972. From that moment on, the YEN slowly recovered to 75 ¥ for one $. It was Oct 31, 2011.
ELLIOTT WAVES
Which type of Elliott Wave Pattern started off from 2011 onward? At present it looks like a huge a-b-c. See monthly chart and weekly chart.
The daily chart suggests that wave c will probably made out of 5 waves. Wave 1 and 2 (black, font 10) are in place and wave three is on its wave to 118.
The 4-hour chart shows the a-b-c- that made wave 2.
What are the possible targets for the USDJPY? The closest one is 124-125 but a long term Gann projection suggest that it could easily top at 160-180, let alone that the theoretical value is actually 217.
Historical chart. Click to enlarge
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
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