Waves.forex – Japanese Yen leads Q1

The Japanese Yen hit a 12 month support and reversed. The reversal should last well into Q1 back up to 100. Apart from the preferred view which suggests a fast move up to 100 and potentially higher, we have also illustrated JPYEUR=. The corrective countertrend in JPYEUR= overlapping formation is clearer and confirms our preferred weak view on Yen.
The complex corrective started in Dec 2008 and could even last till Jun 2010. What does this mean for Forex watchers in 2010? It means that don’t be in a rush to look for dollar reversal. The extent of dollar strengthening may surprise.
Emerging market forex is a bit polarized and is showing down but bottoming structures on Indian rupee and Romanian Lei on one side and clear impulsive structures in Hungarian Forint and Croatian Kuna.
Danish Krone has bottomed. Other pairs like GBP USD and Canadian Dollar are still bottoming and completing corrective formations down, before they start trending again.
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WAVES.FOREX is a perspective product published TUE and THU. The report highlights the top traded FOREX PAIRS (e.g. Euro, Dollar, Yen, Indian Rupee, Romanian Lei, Swiss Franc and Dollar Index) The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools and sentiment indicators. REUTER RICS: EURRON=, RON=, JPY=, INR=, HUF=, HRK=, GBP=, EURCHF=, CHFRON=, CAD=, =USD, EUR=
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