JPYUSD - Weakness continues to dominate as new lows form

The JPYUSD chart presents an interesting formation in regards to Elliot Wave formation and Fibonacci price theory. One could argue the current lows MAY form support given the past price action. Yet, I believe this weakness in price will likely continue for some time forward as I don't see the Japanese Yen developing any true support at this time.

The dynamics at play in the global markets are that most foreign currencies are considerably weaker than the USD. Thus, until some dynamic changes where the USD strength is perceives to be weakening or the individual market for the regional currency is perceived to be an opportunistic buy (think Brazil), then overall weakness will likely persist.

I will be posting a series of currency chart updates over the next few weeks for those that are interested. If you like my other charts, follow me on TradingView to stay aware of my posts/comments.