Elliott Wave Analysis: Bulls on USDJPY Taking Charge; Temporary Setbacks May Pup Up
On the 4h chart of USDJPY, we can see a strong recovery taking place, from around the 108.12 level where a bigger three wave A)-B)-C) pattern was completed. That said current reversal is viewed as wave 1, the first wave of a possible bigger five wave development that may take weeks to unfold. Now, we see price trading in late stages of wave 1, which means some resistance may show up around the upper channel line which could push prices temporarily lower within the following wave 2.
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