Elliott Wave update on USD/JPY

The Elliott Wave analysis of USD/JPY presented to you on 12th April spoke about a deep downmove once the 4th wave was finsihed. I was looking for the fourth wave to be completed around 86.90, but the markets have come down from 85.50 levels. I have received some research from a leading investment bank saying they have gone long USD/YEN from 82.06 with a 3-month target of 86. Their stops are at 80.50 ( a risk-reward ratio of 1: 2.6). I am giving you that information just so that you are sware of the divergent views in the market. My own preference is for the USD/JPY to edge lower towards 80.90 as a first target. We shall see what happens there again.

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