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Goldman Sachs technical analysis piece (Elliot Wave) on the yen

This is from a weekend GS note, but its a longer-term look at the yen so still may be of interest

This section is titled: USDJPY is approaching strong resistance ~108...

And goes on, nominating a precise area:

The level to watch closely here is 108.07-108.15

  • As has been discussed at length in recent updates, this 108.07-108.15 area includes an ABC off the March low, 38.2% retrace and the bottom of a previous range from Apr. '17. It's an important place in that it will help to determine whether the recent recovery is counter-trend or impulsive.
  • If viewed as a 4th of 5-waves down from the November high, the next sell-off has potential to make new lows (back towards ~104). Having said that, it will be difficult to justify that this is a 4th wave above 108.07-108.15. In other words, anything further than there significantly increases the likelihood of having actually put in a base.
  • View: Tactically higher, next in focus 108.06-108.15. Watch for a top once reached. Re-assess the downside bias through 108.25/108.50.

Elliot Wave people? Thoughts?