4 Hourly chart stopped dead just shy of the 161.8 fib extension @ 82.66 ( 81.86 to 80.58 ) AB leg. The ideal retracement of this up leg would be 61.8 of the BC leg to 81.37 before a continuation of the weekly pattern..
Monday, 12 March 2012
UsdJpy
Weekly AB = CD pattern still unfolding with the final target at 85.00. That being said the daily chart looks tired and needs to retrace to recoup some energy. As I have mentioned in previous posts, March is the end of financial year for the Japanese. Historically we have seen a rally/drop/rally pattern during the month of March.
4 Hourly chart stopped dead just shy of the 161.8 fib extension @ 82.66 ( 81.86 to 80.58 ) AB leg. The ideal retracement of this up leg would be 61.8 of the BC leg to 81.37 before a continuation of the weekly pattern..
4 Hourly chart stopped dead just shy of the 161.8 fib extension @ 82.66 ( 81.86 to 80.58 ) AB leg. The ideal retracement of this up leg would be 61.8 of the BC leg to 81.37 before a continuation of the weekly pattern..
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