USDJPY accelerated nicely to the upside in the last few weeks after breaking above 100.60 swing high that represents a wave D) high in a triangle. Usually when this high is broken it means that triangle is complete and that market is moving impulsively. With that said, we think that prices are in a red wave 3) of (5) moving up towards new highs. USDJPY is now in bullish move as long as pair trades above 99.50.
USDJPY has retraced back to 101.60 last week where three wave decline appears complete after recent rally above above 103.00 level. We are talking about wave 4 pullback that is now pointing higher for wave 5 move towards 104.40-105.40 projected target as long as 101.60 holds.
Written by www.ew-forecast.com