Weekly Outlook For USD/JPY: October 2, 2012
Ian Copsey | Oct 02, 2012 03:01AM ET
25th September
:
I got a little ahead of myself last week and feel that the 79.21 high was probably Wave -a- of Wave -i- and wheat we are seeing now is Wave -b-. Thus we shall either see Wave -i- stall below the 79.66 high or potentially a little higher but holding below the 80.62 Wave (x) high. Identifying just where it will be and then the Wave -ii- is the foundation for the rest of the Wave (a) higher so this week we should focus on observing these first rallies in order to feel more comfortable about the (expected) impending rally.
INTRADAY STRUCTURE
2nd October:
The Wave -b- stalled precisely at the 85.4% retracement at 77.43. Thus we should now be moving higher in Wave -c- that I feel will ultimately reach the 94.4% - 105.6% projection at 94.40-64 - so holding just below the 79.66 swing high. I'd even allow for a small poke above.
That should form Wave -i- and therefore see a correction in Wave -ii-. At this point we cannot know where Wave -ii- will stall and that will need to be judged as it develops. Once seen we can begin to judge where Wave -iii-.
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