quick look at the YEN and the Nikkei 225
I’ve seen the catch phrase – “it’s raining YEN” and, well, it certainly has…folks, believe it or not I got stopped out around 77.5 on the USDJPY. What a game, what a game …
Anyhoooooo …. couple YEN things:
- 3 drives to a top pattern present on the NK225 continuous futures.
- USDJPY – a STRONG 5 waves complete/completing on the USDJPY … perhaps a little higher into the 120 handle as shown.
- .618 retrace is from the top of the decade long triangle .. we also have the 1/8 ths projection method using the signal reversal candle (SRC) sitting on top of the .618. (that’s the .325) FYI … this technique projects 141.25 on the JPY.
- EURJPY perhaps a little higher into the 151-153 handle
- AUDJPY pattern hit PERFECTLY … working that one tomorrow night.
- THESIS (only a thesis) – this is a MONSTER triangle …..
- CHFJPY – 1.618 extension pattern complete
- GBPJPY – pattern appearing …
- CADJPY – 5 waves appearing to be complete or completing
So, yes the BOJ has made it pretty darn clear on their intentions … however, I’m a pattern guy and it appears the patterns are calling for a bottom in the YEN …