USDJPY--Sunday, March 15, 2009
A few charts, all leaning toward the general point of view that we have been in a broadly sideways corrective move in USDJPY since February 27, even with the higher high on March 5th (which should be seen as an irregular Y or B wave). The low last Thursday, March 12th, was almost exactly 1.618 times lower than the first wave down ( less than 10 pips off).
And the low at the 1.618 level on Thursday was very spikey, bringing in immediate and very vigorous buying.