The USD/JPY is coming up to a very strong resistance area around 91.30. This area has provided solid resistance in the past (3/2) and is also near the downward sloping trend line drawn off the two highs from 7/1 and 19/2. A double zig-zag from 88.14 appears to be forming, and C of the second zig-zag will equal A at 91.36. I think a short from this area makes a reasonably safe trade. I will be looking to short from 91.30 and keeping my stop at 92.2.
I have been using Elliott Wave Theory for several years now and use it in combination with traditional technical analysis methods to assist me with my trading. My main focus is on currency analysis (FX) however I also analyze commodities and equity markets for their correlational importance. You can reach me on email at ewforex(at)gmail(dot)com.
N.B. Several people have questioned me about my terrible performance in February. Those losses were due to lack of money management skills, not bad analysis. See my early March postings for a more details about those problems, and what I have been doing to fix them.
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