Elliott Wave Analysis: USDJPY and S&P500
We are long on USDJPY from last week, from 112.35 average entry. However, based on current structure and five sub-waves up from blue wave four, we think that this leg up can have limited upside today so we can think about closing it, or maybe make a very tight stop, since we think that bearish reversal in three waves will show up this week.
E-mini S&P500 is on the rise, probably still in wave 3 extended structure so there will be more gains coming after a pullback down in wave 4. 2319 would be an ideal zone for a bounce after a set-back.
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