Yen Wave Reversal

Daily Forex Technicals | Written by TheLFB-Forex.com | Aug 17 08 09:16 GMT |

Momentum on USDJPY looks to be turning bearish, and possibly providing a potential to draw attention from short-term, swing and position participants. The price has failed to break 110.40 three days in a row, the analysis is: Confirmed completion of a bullish ABC correction in both the daily and weekly timeframes Potential completion of W.4 in both the daily and weekly timeframes Both weekly and daily momentum oscillators have made a bearish reversal, indicating that price may have reached a high that could last several days or maybe even weeks if fundamentals allow from the Bank of Japan, or equities allow. The market may look to follow the emerging w.5 to the short side, and that interest could be instigated from a pullback to 109.05-109.30, looking at the resistance area above at 110.50 as a reversal point that signals things have failed. The market may be looking to the support 1 area at 107.10, and if that breaks then support 2 area at 103.15 to see what price action is generated. In the big picture support 3 sits 101.78, with other larger time-frame areas at 99.55, 97.86, 95.90, 92.90, 86.80. These areas are potential market momentum points of interest, we will monitor how they unfold. Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174. The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.