Elliott Wave Analysis: XXX/JPY Pairs Are Ready To Get On The Bullish Track!
USDJPY just broke lower out of a triangle, however triangles suggest the final leg »v« before a reversal, because a triangle occurs in wave »iv«, so do not be surprised if we see a strong bullish turn soon since we noticed the final 5th wave of an even higher degree. That said, only a rally back above 107.40 region would be a signal of a potential bottom.
At the same time, we can also see nice bullish structures on CADJPY and GBPJPY but keep an eye on bullish confirmation levels.
CADJPY is bullish confirmed above 81.50, while trading above 80.60 invalidation level and GBPJPY is bullish above 137.10, while trading above 135.35 level.
We believe that XXX/JPY crosses may start recovering sharply, ideally within wave 3, especially if we consider bullish looking stocks.
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
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