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Market Alert: Japanese Yen
You don’t have to wait for the next geopolitical event to know where the yen is headed next

By Vadim Pokhlebkin
Wed, 23 Jul 2014 14:30:00 ET
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On July 22, USDJPY -- a.k.a. the Japanese yen -- experienced a sharp intraday drop.

The market has recovered since then -- i.e., the yen fell against the dollar. Now, the thinking is that the next big move will largely depend on geopolitics – specifically, the events in Ukraine and Gaza.
 
"Until the market gets a better sense of the trajectory of those events, you can expect some residual caution," said a forex strategist on July 18 (The Wall Street Journal)
 
From an Elliott wave perspective, however, the next move in the yen is already becoming clear.
 
Says Jim Martens, the editor of our Currency Pro Service:
 
“The dollar is quiet. Traders might be looking forward to the data due Thursday morning. Jobless Claims, the PMI Manufacturing Index, and new Home Sales are all due.
 
“Surprises are likely to work against the dollar, though we suspect weakness will prove corrective.
 
“I'm still watching for any move that advances our expectations.”
 
You can find out exactly what those expectations are right now – and completely free.

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