March Japanese Yen
So far the Holiday season has been extremely dreary for Japanese Yen longs. The high of .90730 on November 27th has given up more than 60% measured from the months early lows. The daily candle formation appears to be that of an inverted hanging man which has bullish implications. To trigger the setup the contract would need to fortify the .8860 level. The structural nature of the recent decline appears non-impulsive to me. There is also noticeable momentum divergence in the smaller time frames (hourly). All this evidence leads me to believe there will be sustained rally in the near term future. The first hurdle based on the weekly landscape would be a hold above .8925. First major objective comes in at +/- .9130. Please follow along with me in an attempt to stay ahead of this market.
My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation.
Please join me this Tuesday as I apply Wave Theory and Geometric targets levels to this and other commodity markets.