USDJPY Forecast (24 May 09)

USDJPY looks like it is ready for a rally. Reasons:
a) Depth of Correction (Area of Previous 4th Wave)
b) Wave c = Wave a
c) Wave 2 = 50% retracement

There are some support resistance levels as well.

Looking at daily candlesticks... last candlestick is showing a bullish engulfing pattern.

So if you are going long on the USDJPY... look for a stop below wave 1 (assuming wave count is correct and this is a wave 4) around 90.00.

Good luck with your trading!