USD/JPY is bullish near-term – Elliott wave analysis

Intermediate

Hello traders,

On the daily chart of USDJPY we see price unfolding a bigger A-B-C move, up from 101.16 level, which can belong to a bigger triangle consolidation. As you can see, wave A found a high at the 111.74 level, from where a three-wave, complex set-back started developing. This set-back is a wave B, and can be near completion with its w-x-y decline, therefore be aware of further upside, above the 109.84 level in days/weeks ahead. That said, we would like to see a rally in five legs of a lesser degree from current 106.03 swing low, which would be first evidence of a completed wave B correction, and that wave C is underway.

USDJPY, daily chart
USDJPY, daily chart

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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