Per the long-term chart below, there is a reasonably high probability that an important top is forming in the yen. There appears to be a 5 wave diagonal pattern ending which comes after completion of a 10-year symmetrical triangle. Analysis on the chart shows a 4160 trading day time square lining up now and three different sets of important swing points projecting to 132.20 area. A move much above 133 would likely invalidate this analysis. This is a very manipulated market with no discernible Elliot Wave patterns on short to intermediate term charts. However, the long term chart appears to have some natural form that may or may not work for analyzing this market.
Kim Rice 10/22/11
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