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Elliott Wave Analysis: USDJPY Is Showing A Bullish Structure

USDJPY has made three waves of a pull-back from latest high that could be near completion as price tested and already reversed from very important 61.8% Fibonacci support level. We expect to see a move higher from here, ideally in impulsive fashion back to 98.64.

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The reason for a bullish outlook is previous five wave rally in wave A) which is called an impulsive move. Impulses show direction of a trend or temporary change in trend, that's why we think that current trend is bullish, and that three wave retracement from 98.65 is temporary. Invalidation level remains at 95.75.

On the basic chart below you can see where USDJPY is at the moment.

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