Monday February 15, 2016 - 00:13:06 GMT
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Max McKegg's USDJPY Forex Forecast
USD/JPY
After last week’s “plunge” toward the 111.00 level, the Dollar is now undergoing a “relief” rally.
From an Elliott Wave perspective, I can make a good case that a corrective recovery toward the “4th Wave of one lesser degree” at 114.20 – 115.60 is underway; with a test of short term mathematical at 115.l0/115.25 quite likely.
In the context of classical Charting, such a corrective recovery is seen as a (typical) retracement toward Head and Shoulders Neckline resistance (refer Daily Chart below) before the Downtrend is ready to resume.
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Max McKegg
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Disclaimer: Max McKegg & Technical Research Ltd accept no liability whatsoever for any loss or damage that maybresult, directly or indirectly, from any forecast, comment or opinion, information or omission, whether negligent orbotherwise, within this report.
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