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Dollar Finishing Bullish Coil vs. YEN


Friday August 23rd, 2013
Dollar Finishing Bullish Coil vs. YEN
by Mike Paulenoff www.MPTrader.com

All of the action in USD/YEN since its May 22 high at 103.70 represents a high-level digestion period in the aftermath of the powerful Sept-May advance from 77.13 to 103.70 (+35%) ahead of upside continuation that projects to new highs above 105.00.

This week, the USD has climbed 2% versus the YEN, as the price structure pushes up against a key 3-month resistance line, now at 99.50.

If hurdled and sustained, it should trigger upside follow-through towards a test of the July high at 101.50.

Only a decline that breaks the Aug low at 95.80 will delay the initiation of the anticipated next upleg in the USD vs. YEN (downleg in the YEN).

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