Elliott Wave Analysis of the USD/JPY Currency Pair by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge . .

Here are my main and alternate counts for the USD/JPY currency pair. Both call for upward movement to resume quite soon. As those who have been attending my weekend webinars are aware, I originally went long USD/JPY at 76.209, a position I still hold, and today, added on by buying at 80.467. My main counts in most currency pairs call for the trend toward US Dollar strength to resume right away, and the Bank of Japan committed last week to stand firm in support of a weaker Yen. The strong upward movment that started in early February impulsively and decisively broke a trendline that had held since mid-2007. Also, the choppy, corrective movement down from the March 21 high counts as potentially complete.

Movement below 79.531 would invalidate the alternate count, but only movement below the all-time low of 75.566 set on Oct 31 2011 would invalidate the main count.