March Japanese Yen Futures
In the second week of December I wrote a bullish piece on the Yen market. I now contend that it has reached a fairly significant inflection point. This +/- .94 level represents a channel line projection and the .618 retracement from the highs of the summer of 2016. It also appears to me that the advance stemming from the lows of roughly .84 is non-impulsive in nature. I have currently labeled the structure as a potential W-X-Y sequence. The question is whether or not it is complete. Either way a pullback would be called for. A hold below .9385 should trigger further selling. My first downside projection comes in at +/- .9260. If this level can’t hold up then I’d be expecting a follow through which has the potential to unwind to +/- .91.
Please feel free to contact me at Walsh Trading to discuss both futures and suggested options strategy to take advantage of this scenario. # 312-957-8108
Also, I invite you to join me next Tuesday for my 10th webinar discussing and applying my theories to this and other futures markets.