regarding my last analysis about USD/JPY <link> I decided to update the chart because the market did something that should have been foreseen.
Namely, it was created wave upward, instead of downward wave indicated by me. Unfortunately, I did not take into consideration the fact that it could have been built in the whole wave correction number four. I assumed that the fourth wave was completed whole, and we should observe the fifth wave in the medium term downward trend.
At the moment the currency pair is at a very significant level. Which, it really shows that the correction has ended or we still have to go below 100 yen per dollar.
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| chart 1. USD/JPY, Daily, 2014-03-12 |
Only in case of a new high, which beat the levels of SL, which is shown on the chart it can be concluded that the down trend on the USD/JPY is completed.
If you have any questions, please send me an email or ask a question in a comment below.
regards,
oscarjp
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