Japanese Yen reaches initial target .. is the 2010 high the next target?
- Posted by PeterLBrandt
- on March 14th, 2012
The price objective of 83.80s from the 6-month double bottom in the $USDJPY has basically been reached with today’s advance.
There are no promises beyond 83.80 based on the daily chart, although point and figure charts do yield a target of 85.40.
There is a possibility that the mid-February advance completed 26+ month falling wedge on the weekly graph. This pattern, if correct, provides a price goal of 94.90. The daily and weekly charts follow.
The weekly chart of $FXY, the Yen ETF (traded as a reciprocal to $USDJPY), shows that prices are challenging the multi-year trend. This this trend channel is decisively penetrated the objective would become a retest of the 2010 low at 104.48.
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Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. From his start in the commodity industry, Peter's goal was to trade proprietary funds. But, he first needed to learn the business. More »