Stealth Bear trend for USDJPY

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USDJPY Daily Chart



After winning the upper house election Prime Minister of Japan Shinzo Abe reiterated to add more stimulus to revive the ailing economy. Market participants were expecting 10 trillion yen for this fiscal but the efforts by BOJ could not meet the expectations.

USDJPY which was moving in a higher high and higher low from the start of 2012, changed the trend by discontinuing the positive formation in the month of November 2015. Thereafter, prices are moving down by breaching its previous lows.

From wave perspective, after completing five waves on the upside and marking a high of 125.85 in the month of April 2015, prices have started moving in a corrective mode. The corrective mode normally takes more time before the next rally starts. As of now it is moving in a double corrective pattern, in which it has completed wave b of second corrective and wave c on the downside will start, dragging prices lower below 100.

In short, bear trend for USDJPY has started and prices will remain lower in near term. Over short term prices will move below 100 levels.

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