Update on USDJPY: May 29, 2013

After recently completing a Crab Pattern at the 2.24 extension, USDJPY fell back through the purple channel midline to the 1.272 Fib level, where it is staging the backtest of the midline we forecast last week.

While I expect the backtest to be successful, meaning a leg lower is in store, the 部屋に象 is the .618 at 105.58. Note that this is the 61.8% retracement of the 39% crash from the 2007 highs.  It happens to coincide with a number of significant channel lines, so tagging it could be a very big deal.

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