Dollar/Yen in the daily frame :
The bearish expanding diagonal since last June, denoting by its Minor-degree subdivisions, has corrected to the Fibonacci 0.5 retracement level so far.
Have A Nice Weekend!
— E.C. Author
Bearish Outlook :
With respect to the bearish diagonal (A), as a five-wave structure down of Intermediate degree, the early-June high should remains intact as the high extreme of the advance since November 2011.
Note : Following a trend by a leading diagonal in opposite direction, indicates a trend revarsal.
After consolidating for straight weeks in Euro, as Minor wave 4 triangle, an ultimate decline in Minor wave 5 should ensue now.
With respect to this bearish count, the extreme high of the triangle at 1.10596 must hold. The expected target is 1.03302, where the Minor-degree first and fifth waves are equal.