USD/JPY:
98.68
Short-Term Trend: sideways
Outlook:
Our analysis is now in serious question here as USD rose to 99.14 last week. That's the maximum allowed under the presented wave count. So, if my bearish view is correct, we should see a strong decline this week. A move below 96.90 will confirm this view and will likely bring the expected weakness toward the 93.12 level.
On the upside, a move above last week's top (99.14) will negate, and will argue for a contracting triangle from the May top. In this case we will see further choppy sideways trading between 96 and 101 before the pair makes its next big move up.
Strategy: Holding short from 100.60 is favored.
- Stop=99.20.
- Target=88.50