USD/JPY Daily Chart" title="USD/JPY Daily Chart" width="474" height="242">
USD/JPY: 102.47
Short-Term Trend: sideways
Outlook: Our bearish view from last week did not play out as the market spent the entire week trading in a tight range between 101.40 and 102.80. I have now re-grouped the waves by a degree, but the main idea remains the same. I expect another leg down towards the 98.70 level. However, the confidence in this call is rather low, so I personally do not want to chase this market anymore.
On the upside, a sustained move above 102.80 will be a bullish development signalling further a rally toward 104.65.
Strategy: Stand aside.