JapJanese Yen Towards 113.83 Fibonacci Level

Published December 21st, 2007 - 04:32 GMT
Al Bawaba
Al Bawaba

Commentary:  Near term, the USDJPY has most likely completed a triangle as a 4th wave.  The USDJPY should rally from here into the 61.8% of 117.93-107.20 at 113.83 with 112.73 remaining intact.  A support line drawn off of the 11/26 and 12/11 lows reinforces the bullish bias.
 
Strategy: Flat