 | | Classical Outlook: There is nothing bullish in the medium-term or longer-term for this pair with the market locked in an inter-day downtrend off of the 2009 highs by 101.45 and in a much more defined longer-term down-trend since 2007. We look for a fresh lower top now by 101.45 to be confirmed on an eventual break back below 87.15 over the coming weeks. Any rallies above 95.00 should therefore be used as good sell opportunities. Also look for a break back under 91.75 in the coming week to accelerate declines. Gains also continue to stall by the weekly Ichimoku cloud bottom. | | Elliott Wave Outlook: The decline from 101.50 is a series of 1st and 2nd waves. The USDJPY is resisted by the 200 day SMA (although the pair did trade above there briefly in the middle of this week). Bears are favored against 97.01 in anticipation of the long term decline continuing below 87.10 and eventually to an all-time low (below 80). | |
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