Tuesday, June 02, 2009

Elliott Waves Predicted Stronger Yen Before "Fundamentals"

Japanese Yen
The Japanese yen has been gaining against the U.S. dollar since April. As for the reasons why, fundamental analysts quoted in the press cite anything from the positive economic news from Japan to investors' growing tolerance for risk to GM bankruptcy.

But as satisfying as it is to know what might have already made the yen stronger, it doesn't answer the really important question: Where will the yen go next?

That's where the Elliott Wave Principle, a technical method, often has an advantage over fundamental analysis. Just by watching Elliott wave patterns in market charts, you can usually tell which way, and to what price levels, the market is headed next.

Watch this free 4-minute clip from a video forecast for USD/JPY weakness that EWI's Senior Currency Strategist Jim Martens recorded for his intensive Currency Specialty Service subscribers on April 21, when the yen was just picking up speed.

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