Nov 15 (Reuters) - The Ichimoku Kinko Hyo charting technique developed in Japan in the late 1960s is hinting at bigger dollar gains versus yen, which will represent a challenge for Japan.
USD/JPY peaked at 156.76 on Friday, the highest level since July, before suffering a minor setback. Japanese authorities helped to talk down USD/JPY. Finance Minister Katsunobu said on Friday that Japan will take appropriate action against excessive currency moves, in a fresh warning to traders.
As there will be a "cloud twist" on Friday below 146.00, that adds to the near-term downside risk. However if Friday's relapse is not too severe, USD/JPY's underlying uptrend will remain on track for eventual gains to the 161.96 "V" wave target.
The "V" wave target is a 100% retrace of the 161.96 to 139.58 (July to September) drop. As the drop from 161.96 to 139.58 took 53 days, the rise to the 161.96 "V" wave target could also be reached in approximately 53 days (November 28).
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(Martin Miller is a Reuters market analyst. The views expressed are his own)
((martin.miller@thomsonreuters.com))
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