The relentless moves in the JPY pairs, is impressive to say the least, truly a remarkable run we have seen in some of the JPY crosses, some pairs like the EURJPY and GBPJPY have seen massive gains.
Although not one to be outdone the USDJPY has followed in sync, only now I think it’s nearing a potential high that should yield a decent pullback of 200-250 pips.
Although any pullback, is expected to be just a correction in the larger picture from Oct 2011.
I had a 85.00 target penciled in for this pair, and at the rate its going it will be seen shortly, although I can’t say I thought we would see it so quick, I was looking for a timing high in sometime in January 2013 as you can see from this cycle chart.
From the October 2011 lows I am working a flat correction and it appears to be in wave  of C, it still lacks the last few gyrations for the move to have the right look to complete the overall look, hence the timing of a cycle high in January still looks to be on target, once wave  of C is complete we should see a correction in wave  for a few weeks that takes it into January and then potentially a major top early February 2013.
When you take a closer look into this pair, it appears to need a minor dip for a small 4th wave then a push higher to end a larger 3rd wave before a meaningful pullback that should see a move towards 81.50-81.00.
Overall the move from Nov 2011 appears to be a corrective move in the long term trend that has been ongoing for many years in this pair, and I suspect that at sometime in the future we should be coming back to test the 75.00 area.
Are you interested in following this pair and many more? For $30 a month it’s probably the best $30 you will spend on forex analysis, but then don’t take my word for it, sign up for the 4 week free trial and see for yourselves.
Until next time
Have a profitable week ahead.
Click here to become a member
You can also follow us on twitter
What do we offer?
Short and long term analysis on US and European markets, various major FX pairs, commodities from Gold and silver to markets like natural gas.
Daily analysis on where I think the market is going with key support and resistance areas, we move and adjust as the market adjusts.
A chat room where members can discuss ideas with me or other members.
Members get to know who is moving the markets in the S&P pits*
*I have permission to post comments from the audio I hear from the S&P pits.
If you looking for quality analysis from someone that actually looks at multiple charts and works hard at providing members information to stay on the right side of the trends and making $$$, why not give the site a trial.
If any of the readers want to see this article in a PDF format.
Please send an e-mail to Enquires@wavepatterntraders.com
Please put in the header PDF, or make it known that you want to be added to the mailing list for any future articles.
Or if you have any questions about becoming a member, please use the email address above.
If you like what you see, or want to see more of my work, then please sign up for the 4 week trial.
This article is just a small portion of the markets I follow.
I cover many markets, from FX to US equities, right the way through to commodities.
If I have the data I am more than willing to offer requests to members.
Currently new members can sign up for a 4 week free trial to test drive the site, and see if my work can help in your trading and if it meets your requirements.
If you don't like what you see, then drop me an email within the 1st 4 weeks from when you join, and ask for a no questions refund.
You simply have nothing to lose.
By Jason Soni AKA Nouf
© 2012 Copyright Jason Soni AKA Nouf - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
© 2005-2013 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.