The break above 93.2 nullifies my USD JPY Jan 4 post. My view now is that MTD 7 high comes a bit late. We are testing SMA 200, and we'll see if we could break above it. Elliot Wavers anticipate this last high (MTD 7 high) as wave 5 from the low of 85. So we should be in a three waves down (MTD 8 low) after the 5 waves complete. I am still looking for a decent drop to MTD 8 low for 15-20 days after MTD 7 high has arrived before the rally to MTD 9 high for 1 - 1.5 months.
