USD/JPY Wave Analysis for November 21, 2012 Trend News

USD/JPY Elliott Wave
Since our last analysis the USD/JPY pair was trading in an upward move, impulsive 5 wave (coloured blue) of the bigger (A) wave (coloured green) was developing. Yesterday during the European session we could observe sideways movement between 81.12 and 81.40 level. Therefore, during the early New York session the USD/JPY pair started pushing higher reaching a new high at 81.75. Today this major pair is trading around 82.10 level and we are expecting to see the price lower when development of the corrective B wave starts. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 80.14 (61.8% of wave A). To reduce the risk, we can use resistance at 82.50 level as stop loss.

Support and Resistance
(S3) 80.67 (S2) 80.90 (S1) 81.29 (PP) 81.52 (R1) 81.91 (R2) 82.14 (R3) 82.53

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 82.00 with stop loss 82.50 and take profit at 80.14 are recommended.

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