Forex Charts

USDJPY – base projection and symmetry target align at 120.75

Prices reached and went right through the 119.65/80 targets laid out yesterday.

The wave-4 high on the daily at .8034 led to what we viewed (and still view) as a classic wave-5 ending diagonal (falling wedge).

The move to 1.2280 was just shy of major 1.2260/50 support and

The main event is the ECB meeting. We expect the ECB to keep the powder dry

The 1.618 relationship between wave-1 and wave-3 on the daily chart means that we

The break of 1.2360 means the downtrend has been reasserted and the 5-wave decline is not complete.

In the euro area details for Q3 GDP will be released in connection with the first revision.

Last week we wrote that a “small bull flag suggests another push higher to ~119”.

The Euro is stuck in the middle of the 1.2360/2580 range;

In Europe the only notable releases are Construction PMI for November in the UK and

In Europe focus will be on the manufacturing PMIs for November.

The shooting star from last week did stall at a key 1.618 extension but