USDJPY Update – Elliott Wave Analysis
On USDJPY we are tracking part of a bigger triangle correction which can be fully visible on the weekly chart but is still incomplete. We were tracking a three-wave reversal down from 114.54; a move that can be coming to an end if we consider recent quite strong and extended bounce from 104.40 and now above 108.00. Ideally that’s part of another three-wave structure higher into wave D.
USDJPY moved higher, close to 108.50 where some resistance was found, so market can be ready for a new set-back; ideally, it’s wave four now which may look for a support next week around 107.50 area.
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