FX:USDJPY U.S. Dollar/Japanese Yen
Last week I was still wondering if we would go into the re-distribution phase. We continued to spike down last week to reach the bottom of the 55 Day and 21 Day Oscillation Frequency Channels. We also touched the 100 level but did not break it. There as been divergence on the TDI for some time. With NFP coming in better than expected I think this could indicate the end of the markdown phase and the start of another distribution phase. The corrective structure that should develop now could take us into next year before a further markdown phase occurs.