Yen: Risk of Short Term Correction High

Published May 14th, 2009 - 12:17 GMT
Al Bawaba
Al Bawaba

The USDJPY has broken beneath its head and shoulder neckline (as highlighted in recent technical pieces) but the risk of a short term correction is high.  5 waves down from 99.72 appear close to complete.  Watch the psychological 95 figure for potential support.  Even a regular (as opposed to deep) correction should reach 96.70.  Bottom line; the trend is down for the Yen crosses but an expected correction should offer a better entry price in the next few days.