EURO YEN OUTLOOK DIC 03-07-2012

The euro yen is still playing higher and my outlook to target between 110.00-111.00 has not had too much change.

The daily chart has not changed the same perspective, but now the first target I see is 111.300 before end the year.

The 4h chart shows us that we are performing the last wave Y to means a move in 3 waves ABC. A is almost done or done and we could see this week a corrective wave B. In other case, we need to confirm the wave B breaking 105.30 if that did not happen we could see a wave V extension above 108.00 before a correction.

In the 1 hour chart we see two possibilities. First a perfect impulse 12345 that has not ended yet and corrective impulse abcxabc in this case abc is complete and we are performing x as a abc irregular flat as yen pairs like to do, that is why you see and alternative abc in the chart and x could reach the area (105.00-104.60). Each possibility depends if the pair makes or not a new high around 108.00. In the 15 min chart is more clear the situation.

Daily Chart

4H Chart

1H Chart

15Min Chart