Yen Technical Outlook

Published May 14th, 2009 - 06:58 GMT
Al Bawaba
Al Bawaba

The USDJPY has broken beneath its 2+ month head and shoulders neckline.  This development is bearish and even more so in the context of long term wave structure, which suggests a new all time low (below 80).  A corrective rally is probably underway now as there appear to be 5 waves complete from 99.72.  Resistance begins at 96.70.